XN000022-1976-08-30 — Page 3

3

FIRST PROPERTY TAX DEMAND NOTES ON NEW BASIS GO OUT TOMORROW

******

THE FIRST PROPERTY TAX DEMAND NOTES ISSUED ON THE BASIS OF THE ASSESSABLE VALUE OF THE PROPERTIES CONCERNED WILL GO OUT TOMORROW (TUESDAY) FOR PROPERTIES ON HONG KONG ISLAND, AP LEI CHAU AMD MIDDLE ISLAND.

ANNOUNCING THIS TODAY, A SPOKESMAN FOR THE INLAND REVENUE DEPARTMENT SAID THAT IN NOVEMEBER LAST YEAR LEGISLATION WAS ENACTED TO ASSESS PROPERTY TAX ON A NEW BASIS, THAT OF THE ASSESSABLE VALUE OF PROPERTY.

THIS NEW BASIS CAME INTO OPERATION ON APRIL 1 THIS YEAR SO THAT PROPERTY TAX FOR THE YEAR 1976/77 (APRIL 1, 1976 TO MARCH 31, 1977) WILL BE CHARGED IN ACCORDANCE WITH THE ASSESSABLE VALUE.

IN THE PAST THE VALUE OF ASSESSMENT HAS BEEN THE RATEABLE VALUE OF THE PROPERTY.

COMMENTING ON THE CHANGE, THE SPOKESMAN SAID: +EXISTING RATEABLE VALUES ARE BASED ON 1972 RENTAL LEVELS WHICH ARE NOW OUT OF DATE.

+ON THE OTHER HAND, ASSESSABLE VALUES ARE FIXED IN LINE WITH CURRENT MARKET RENTAL VALUES.

+THIS MEANS THAT BECAUSE OF THE GENERAL RISE IN RENTS SINCE 1972, MOST OWNERS WILL BE PAYING MORE PROPERTY TAX THIS YEAR THAN IN THE YEAR 1973/74-1975/76, AND IN SOME CASES CONSIDERABLY MORE.

+HOWEVER, PROPERTIES WHICH ARE WHOLLY LET AT CONTROLLED RENTS WILL BE ASSESSED ON RENTS RECEIVABLE.+

FOLLOWING THE ISSUE TOMORROW OF PROPERTY TAX DEMANDS FOR PROPERTIES SITUATED ON HONG KONG ISLAND, AP LEI CHAU AND MIDDLE ISLAND, DEMANDS FOR KOWLOON AND NINE SPECIFIED AREAS IN THE NEW TERRITORIES WILL GO OUT ON NOVEMBER 30, 1976, AND DEMANDS FOR NEW KOWLOON ON JANUARY 31, 1977.

THE SPOKESMAN SAID THAT EXPLANATORY PAMPHLETS WERE BEING ISSUED WITH THE PROPERTY TAX NOTICES AND DEMANDS, AND PEOPLE RECEIVING THEM WERE ASKED TO STUDY ALL SUCH PAPERS VERY CAREFULLY SO THEY WOULD FULLY UNDERSTAND THE POSITION.

+FURTHER ADVICE AND ASSISTANCE WILL BE AVAILABLE AT ALL INLAND REVENUE OFFICES IN HONG KONG, KOWLOON AND NEW TERRITORIES, AND AT ALL CITY DISTRICT OFFICES,+ SAID THE SPOKESMAN.

ONE LANE TRAFFIC IN RUMSEY STREET *******

PART OF THE ROADWAY IN RUMSEY STREET WILL BE CLOSED FOR SEVEN DAYS FROM 10 A.M. ON WEDNESDAY (SEPTEMBER 1) IN ORDER TO FACILITATE DEMOLITION WORKS AT MARINE DEPARTMENT HEADQUARTERS.

MOTORISTS ARE ADVISED, HOWEVER, THAT ONE LANE TRAFFIC WILL BE MAINTAINED AT ALL TIMES.

14