XN000022-1989-03-01 — Page 29

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WEDNESDAY, MARCH 1, 1989

OF

AS REVENUE FROM THE LICENSING AND REGISTRATION DEPOSIT-TAKING COMPANIES DID NOT COVER THE COSTS OF SUPERVISION, MR JACOBS PROPOSED TO INCREASE THESE LICENCE AND REGISTRATION FEES BY 15 PER CENT.

FOR INSTANCE, THE REGISTRATION FEE WOULD BE INCREASED FROM $54,000 TO $62,100, AND THE DEPOSIT-TAKING LICENCE FEE WOULD BE RAISED FROM $183,600 TO $211,140.

"THE ESTIMATED ADDITIONAL YIELD OF $3 MILLION IN REDUCE, THOUGH NOT ELIMINATE, THE UNDER-RECOVERY OF

"

COSTS, HE SAID.

1989-90 WILL

SUPERVISION

ON PORT RELATED FEES, MR JACOBS POINTED OUT THAT A NEW VESSEL TRAFFIC MANAGEMENT SYSTEM FOR THE PORT WOULD BE COMMISSIONED LATER THIS YEAR.

TO DEFRAY IN PART THE COSTS OF INSTALLING AND OPERATING THE NEW SYSTEM, THE EMBARKATION FEE FOR PASSENGERS DEPARTING FROM THE MACAU AND CHINA FERRY TERMINALS WOULD BE INCREASED FROM $15 TO $17.

THE INCREASE WOULD BE IMPLEMENTED WHEN THE NEW VESSEL TRAFFIC MANAGEMENT SYSTEM WAS COMMISSIONED, HE SAID.

AT THE SAME TIME, PORT AND LIGHT DUES WOULD ALSO BE

INCREASED.

MR JACOBS ESTIMATED THE TOTAL ADDITIONAL REVENUE 1989-90 TO BE $14 MILLION, AND $29 MILLION IN A FULL YEAR.

YIELD IN

HE ALSO NOTED THAT A NUMBER OF OTHER FEES AND CHARGES, INCLUDING WATER CHARGES, WERE SCHEDULED FOR NORMAL REVIEW THIS YEAR.

ADDITIONAL REVENUE OF ABOUT $130 MILLION IN 1989-90 AND $180 MILLION IN A FULL YEAR WAS EXPECTED FROM THESE SOURCES, HE ADDED.

THE INCREASES IN THE BUSINESS REGISTRATION FEE, DEPOSIT-TAKING COMPANY LICENCE AND REGISTRATION FEES, AND VEHICLE AND DRIVING LICENCE FEES TOOK EFFECT THIS AFTERNOON UNDER PUBLIC REVENUE PROTECTION ORDERS.

O

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