XN000022-1975-02-26 — Page 5

WEDNESDAY, FEBRUARY 25, 1975

AIRPORT CHARGES

TO RECOVER COSTS AND EARN A FAIR RETURN ON CAPITAL INVESTED, THE FINANCIAL SECRETARY PROPOSED TO RAISE AIRCRAFT LANDING FEES AT KAI TAK BY 15 PER CENT. ON THE ADVICE OF THE DIRECTOR OF CIVIL AVIATION, HE ALSO SOUGHT TO LEVY A SURCHARGE OF $500 FOR MOVEMENTS BETWEEN MID-DAY AND 6 P.M. THIS WOULD BE CONSISTENT WITH OTHER INTERNATIONAL AIRPORTS. TO ENABLE THE AIRLINES TO PREPARE FOR THE ADDITIONAL CHARGES, MR. HADDON-CAVE PROPOSED TO BRING THEM INTO EFFECT ON JULY 1, 1975.

BUOY, FEES

THE FINANCIAL SECRETARY PROPOSED TO INCREASE THE FEES FOR HIRE OF BUOYS IN THE HARBOUR BY 300 PER CENT TO $600 A DAY FOR AN 'A' BUOY, AND TO $400 A DAY FOR A 'B' BUOY. HE ALSO INCREASED THE ANCHORAGE FEES FROM 83 TO $12 PER 100 TONS A DAY INSIDE THE HARBOUR LIMITS AND FROM 80 CENTS TO $3.20 PER 100 TONS A DAY ELSEWHERE IN HONG KONG WATERS. HE POINTED OUT THAT THESE NEW FEES WERE STILL VERY MUCH LOWER THAN DOCKAGE FEES.

BETTING DUTY

MR. HADDON-CAVE LEFT OPEN FOR THE TIME BEING HOW TO RAISE AN ADDITIONAL $27.5 MILLION FROM BETTING DUTY FROM HORSE RACING. THERE WERE SEVERAL OPTIONS, HE SAID, WHICH HE WANTED TO DISCUSS WITH THE ROYAL HONG KONG JOCKEY CLUB BEFORE DECIDING WHICH ONE TO ADOPT.

STAMP DUTY

AS REGARDS STAMP DUTIES. THE FINANCIAL SECRETARY PROPOSED AN EXTRA 30 CENTS ON TRAVELLERS' CHEQUES, CHEQUES DRAWN WITHIN HONG KONG, AND CASHIER ORDERS AND DIVIDEND WARRANTS. THE INCREASED DUTY ON TRAVELLERS CHEQUES, CASHIER ORDERS AND DIVIDEND WARRANTS WILL COME INTO EFFECT ON APRIL 1, 1975, BUT THE NEW DUTY APPLICABLE TO BLANK CHEQUE FORMS COMES INTO EFFECT TOMORROW (THURSDAY).

AD VALOREM DUTY CHARGEABLE ON CERTAIN CONVEYANCES ON SALE, VOLUNTARY DISPOSITIONS INTER VIVOS, AND ALLIED DOCUMENTS WILL ALSO BE RAISED FROM TWO PER CENT TO TWO- AND-A-QUARTER PER CENT. THE INCREASED RATE WILL APPLY.

TO DOCUMENTS EXECUTED ON OR AFTER APRIL 1, 1975. DOCUMENTS RELATING TO LAND OF A VALUE NOT NOT BE AFFECTED IN ANY WAY.

EXCEEDING $150,000 WILL

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