XN000022-1974-03-28 — Page 4

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Thursday, March 28, 1974

BUSINESS REGISTRATION FEE DOUBLED

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The Business Registration fee is to be doubled from $25 to $50

with effect from next Monday (April 1), Mr. Victor Ladd, Assistant

Commissioner of Inland Revenue, announced today.

The revision of the fees is in line with the changes made by

the Financial Secretary in his Budget speech on February 27.

Mr. Ladd said the opportunity was also taken to simplify the

existing penalty system for late payments of Business Registration fecs.

At present, $3 is charged for late payment in the first month

and $2 each month thereafter. However, the new penalty rate will be a

flat $15 once-and-for-all surcharge.

Two other increases will also take effect from next week, namely,

the fee for the issue of a certified copy or extract of documents under

Section 19 of the Business Registration Ordinance which will go up from

$10 to $15, and the fee for the issue of a duplicate business registration

certificate from $2 to $5.

At the same time, the limits below which a person carrying on

business might apply for exemption from payment of the registration foe

has also been raised as follows:

Any business establishment, except a new business or one whose profits derive primarily from the sale of services, with a total sales of less than $1,500 a month can apply for exemption. The present limit is

$1,000.

/*Any business,