XN000022-1988-04-29 — Page 5

FRIDAY, APRIL 29, 1988

AMENDMENTS TO FOUR ORDINANCES GAZETTED

THE GOVERNMENT HAS PROPOSED TO AMEND A NUMBER OF ORDINANCES ΤΟ IMPLEMENT CERTAIN OF THE REVENUE PROPOSALS AND TAXATION CONCESSIONS ANNOUNCED BY THE FINANCIAL SECRETARY IN HIS BUDGET SPERCH ON MARCH 2 THIS YEAR.

THEY ARE THE BANKING ORDINANCE, THE ROAD TRAFFIC ORDINANCE, THE INLAND REVENUE ORDINANCE AND THE STAMP DUTY ORDINANCE, WHOSE AMENDMENTS WERE PUBLISHED IN THE GAZETTE TODAY (FRIDAY).

UNDER THE AMENDMENTS ΤΟ THE BANKING DEPOSIT-TAKING COMPANY FEES WERE INCREASED BY EFFECT FROM APRIL 1 THIS YEAR.

ORDINANCE, BANK AND EIGHT PER CENT WITH

UNDER THE AMENDMENTS TO THE ROAD TRAFFIC ORDINANCE, THE ANNUAL LICENCE FEE FOR MOTOR VEHICLES AS WELL AS FEES FOR DRIVING LICENCES, PERMITS AND DRIVING TESTS WERE INCREASED BY SIX PER CENT,

UNDER THE AMENDMENTS ΤΟ THE INLAND REVENUE ORDINANCE, THE FINANCIAL SECRETARY HAS PROVIDED FOR SIX CONCESSIONS IN THE AREA OF PERSONAL TAXATION, TWO CONCESSIONS IN THE AREA OF PROFITS TAX, AND

ONE CONCESSION EACH IN THE AREA OF PROPERTY TAX AND INTEREST TAX.

THESE CONCESSIONS WILL APPLY ΤΟ PROVISIONAL AND FINAL ASSESSMENTS FOR THE YEAR OF ASSESSMENT COMMENCING ON APRIL 1 THIS YEAR AND ALSO, WHERE APPROPRIATE, TO 1988-89 PERSONAL ASSESSMENTS.

THE CONCESSIONS INCLUDE A REDUCTION IN THE STANDARD RATE FROM 16.5 PER CENT TO 15.5 PER CENT, REVISION IN THE GRADUATED SCALE OF TAX RATES FOR PERSONAL TAXATION, INCREASE IN ADDITIONAL PERSONAL ALLOWANCE, CHILD ALLOWANCE AND THE ALLOWANCE FOR A DEPENDENT PARENT.

A NEW WORKING WIFE ALLOWANCE OF UP WHERE THE EMPLOYMENT INCOME OF A MARRIED THAT OF HER HUSBAND.

то $15,000 IS INTRODUCED WOMAN 13 AGGREGATED WITH

UNDER THE AMENDMENTS TO THE STAMP DUTY ORDINANCE, A REVISED SCALE OF STAMP DUTY PAYABLE IN RESPECT OF CONVEYANCE ON THE SALE OF IMMOVABLE PROPERTY IS INTRODUCED.

THE REVISION WILL PROVIDE A GREATER BENEFIT ΤΟ DUTY PAYERS, AND HAVE THE EFFECT OF PUSHING THE VARIOUS DUTY RATE THRESHOLD UPWARDS.

THE ESTIMATED ADDITIONAL REVENUE IN 1988-89 ARISING FROM THE INCREASE IN THE FEES IS $73 MILLION WHILE THE COST TO THE REVENUE ARISING FROM THE VARIOUS CONCESSIONS IS ESTIMATED AT $2,080 IN 1988-89, AND $3,090 MILLION IN A FULL YEAR.

MILLION

THE AMENDMENTS