XN000022-1983-02-23 — Page 33

WEDNESDAY, FEBRUARY 23, 1983

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+WHEN THESE NEW RATEABLE VALUES HAVE BEEN DETERMINED THE POUNDAGE WILL HAVE TO BE ADJUSTED. THE ESTIMATE FOR 1983-84 OF $777 MILLION IS LESS IN MONEY TERMS THAN IT HAS BEEN IN EACH YEAR SINCE 1978-79, MR BREMRIDGE SAID.

HE EXPLAINED THAT ACCORDING TO THE NEW RATES, THIS WILL MEAN A 17.4 PER CENT INCREASE IN THE RATES PAYABLE BY A RATEPAYER. THE INCREASE ON AVERAGE FOR A TYPICAL SMALL TENEMENT WILL BE ABOUT $10 A MONTH AND FOR A LARGE FLAT ABOUT $100 A MONTH.

MR BREMRIDGE APPRECIATED THAT THIS INCREASE WILL AFFECT MANY PEOPLE AT A DIFFICULT TIME. HOWEVER, HE POINTED OUT THAT

IN PUBLIC HOUSING ESTATES THE INITIAL BURDEN WILL BE BOURNE BY THE HOUSING AUTHORITY AND RATES PAYMENTS ARE DEEMED TO BE PART OF RENT FOR PUBLIC ASSISTANCE.

AS FOR CERTAIN AREAS OF THE NEW TERRITORIES WHERE RATING IS BEING PHASED IN OVER A FIVE YEAR PERIOD, THE PERCENTAGE FOR 1983-84 WOULD HAVE BEEN NINE PER CENT. HOWEVER, MR BREMRIDGE PROPOSED TO BRING THIS TO 11 PER CENT.

THE ADDITIONAL YIELD FROM THE GENERAL RATE FOR 1983-84 WILL BE ABOUT $300 MILLION, MR BREMRIDGE ESTIMATED.

INCREASES IN BETTING DUTY PROPOSED

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THE FINANCIAL SECRETARY, THE HON JOHN BREMRIDGE, HAS PROPOSED TO RAISE BETTING DUTY FROM APRIL 1 WHICH IS ESTIMATED TO PRODUCE AN ADDITIONAL $220 MILLION IN 1983-84.

MR BREMRIDGE SAID THAT IN THE CURRENT YEAR, HONG KONG'S PUNTERS WERE EXPECTED TO HAZARD ABOUT $13 BILLION ON HORSE RACE BETS AND ON MARK SIX LOTTERIES, YIELDING ABOUT $1.2 BILLION IN BETTING DUTY.

HE SAID THE YIELD FROM THIS SOURCE WAS, IN HIS OPINION, A RELATIVELY SMALL CONTRIBUTION IN THE LIGHT OF PRESENT CIRCUMSTANCES.

IN PUTTING FORWARD HIS PROPOSALS TO INCREASE BETTING DUTY, MR BREMRIDGE SAID, HE HAD BEEN CONSCIOUS OF THE NEED NOT TO DRIVE PUNTERS INTO THE ARMS OF ILLEGAL BOOKMAKERS AND HIS PROPOSALS WERE CONSEQUENTLY STRUCTURED SO AS TO AVOID THIS POSSIBILITY.

THE PRESENT RATES OF BETTING DUTY ARE 7.5 PER CENT OF THE AMOUNT OF EACH STANDARD+ BET AND 11 PER CENT OF THE AMOUNT OF EACH SO-CALLED +EXOTIC BET MADE ON THE JOCKEY CLUB TOTE. THE BALANCE OF THE TOTE POOL AFTER REDUCTION OF BETTING DUTY IS ALLOCATED AS TO 90 PER CENT TO PUNTERS BY WAY OF PRIZE MONEY AND THE REMAINDER TO THE JOCKEY CLUB AS COMMISSION.

/THE PROCEEDS