XN000022-1973-02-28 — Page 4

Wednesday, February 28, 1973

Cancellation of lower income relief and the selective

allowances for working wives, dependent parents and

life assurance;

Extension of child relief to parents of children of

any age not employable because of mental or physical

incapacity and for whom medical certificates are produced.

As his second proposal for tax reform, Mr. Haddon-Cave announced

new increased rates of duty on bulk imports of alcoholic liquors.

With effect from 6 p.m. today, the rates of duty per degree applicable over 78° proof to be 96 cents in the case of liquor of Hong

Kong and Commonwealth origin and $1.08 in the case of liquor of non-Commonwealth

origin.

The third proposal for tax reform concerne stamp duty on contract

notes in respect of purchases and sales by a broker on his own account

when he is, in effect, performing a jobbing function.

The Financial Secretary proposed that transactions designed to

accommodate the market should be exempt from stamp duty.

He proposed that the Stamp Ordinance be amended accordingly and regulations made to define and control these transactions with effect from

April 1 or as soon as possible thereafter.

The proposed tax reliefs are:

Abolition of the duty on table waters.

Abolition of the duty of 10 cents per gallon on furnace

oil used in the manufacture of electricity and gas.

Raising the values of properties on which stamp duty less than the standard rate may be charged.

Abolition