XN000022-1982-06-03 — Page 6

THURSDAY, JUNE 3, 1982

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+ IF THE OBJECTION IS AGAINST AN ESTIMATED ASSESSMENT MADE IN THE ABSENCE OF A RETURN, A COMPLETED RETURN TOGETHER WITH SUPPORTING ACCOUNTS AND SCHEDULES MUST BE SUBMITTED. OTHERWISE THE OBJECTION WILL NOT BE ACCEPTED AS VALID, HE SAID.

DISCUSSING SOME OF THE OBLIGATIONS OF TAXPAYERS, HE SAID A PERSON IN EMPLOYMENT AND SUBJECT TO SALARIES TAX MUST FILE A RETURN EVERY YEAR.

RETURNS ARE ISSUED IN MAY EVERY YEAR, AND ANYONE CHARGEABLE TO SALARIES TAX WHO HAD NOT RECEIVED A RETURN SHOULD ADVISE THE COMMISSIONER OF INLAND REVENUE AND ASK FOR ONE, HE ADVISED. FAILURE TO DO SO WOULD BE AN OFFENCE, HE SAID.

THROUGH ITS IMPROVED TAX ADMINISTRATION AND A REASONABLY HIGH LEVEL OF TAXPAYER-COMPLIANCE, HONG KONG HAD SO FAR BEEN ABLE TO RAISE THE REQUISITE REVENUE NOTWITHSTANDING ITS LOW LEVELS OF TAXATION, HE SAID.

IN THE 1981-82 TAX YEAR, THE DEPARTMENT COLLECTED SOME $14.2 BILLION OF INTERNAL REVENUE, REPRESENTING ABOUT 42 PER CENT OF HONG KONG'S TOTAL REVENUE THAT YEAR, HE SAID.

THESE COLLECTIONS SHOWED AN INCREASE OF 26.8 PER CENT OVER THE COLLECTIONS OF $11.2 BILLION OF THE YEAR BEFORE AND 86.8 PER CENT OVER THE 1979-80 COLLECTIONS OF $7.6 BILLION.

IN HIS TALK, MR AU-YEUNG ALSO TOLD THE LIONS OF THE NEED FOR A BUSINESS REGISTRATION CERTIFICATE, THE NEED TO KEEP PROPER ACCOUNTS AND RECORDS AND TO FILE TAX RETURNS, AMONG OTHER OBLIGATIONS.

PRICE AND VOLUME MOVEMENTS OF EXTERNAL TRADE FOR MARCH 1982 ******

THE PRICES OF DOMESTIC EXPORTS ROSE BY 10 PER CENT AND THOSE OF IMPORTS BY 11 PER CENT IN MARCH 1982 AS COMPARED WITH MARCH 1981, ACCORDING TO STATISTICS RELEASED TODAY BY THE CENSUS AND STATISTICS DEPARTMENT.

AS A RESULT, THE TERMS OF TRADE INDEX (EXPRESSED AS A RATIO OF THE DOMESTIC EXPORT PRICE INDEX TO THE IMPORT PRICE INDEX) DECLINED BY ONE PER CENT.

THE VOLUME OF IMPORTS DROPPED BY THREE PER CENT WHILE THAT OF DOMESTIC EXPORTS INCREASED BY THREE PER CENT.

THE PRICES OF RE-EXPORTS INCREASED BY 14 PER CENT, WITH VOLUME DOWN BY TWO PER CENT, SO THAT FOR TOTAL EXPORTS, PRICES WERE UP BY 12 PER CENT AND VOLUME WAS UP BY ONE PER CENT.

FOR THE