XN000022-1990-03-07 — Page 37

WEDNESDAY, MARCH 7, 1990

24

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INCREASED BETTING TAX NEXT SEASON

AN INCREASE IN THE BETS TAX FOR BOTH STANDARD AND EXOTIC BETS

BY THE FINANCIAL SECRETARY, WAS PROPOSED BY ONE PERCENTAGE POINT THE HON SIR PIERS JACOBS, TODAY.

-

BETS AND

THE TAX RATES WOULD BECOME 10.5 PER CENT ON STANDARD

THE BEGINNING 17 PER CENT ON EXOTIC BETS, AND WOULD TAKE EFFECT FROM OF THE NEXT RACING SEASON. SIR PIERS SAID IN HIS BUDGET SPEECH.

"I AM CONSCIOUS OF THE NEED TO MAINTAIN A REASONABLE RETURN ANY ENCOURAGEMENT TO THE ACTIVITIES PUNTERS AND NOT TO GIVE ILLEGAL BOOKMAKERS," HE SAID.

TO

OF

"I PROPOSE THEREFORE THAT THE INCREASE IN THE RATES BORNE ENTIRELY BY THE JOCKEY CLUB, THAT IS TO SAY, THERE ++ HE SAID. REDUCTION IN THE SIZE OF THE PRIZE MONEY POOL,

SHOULD WILL BE NO

BE

THE INCREASE WAS ESTIMATED TO YIELD AN ADDITIONAL $340 IN 1990-91, HE SAID.

MILLION

SIR PIERS NOTED THAT BETS TAX WAS LAST INCREASED IN 1985.

INCREASE IN GENERAL RATES FOR PROPERTY

THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, TODAY PROPOSED TO RAISE THE GENERAL RATES FOR PROPERTY, WHICH ARE PAYABLE TO GENERAL REVENUE. BY 1.5 PERCENTAGE POINTS, BUT NO PROPOSED TO THE URBAN AND REGIONAL COUNCIL RATES.

REVISION

WAS

AND

NEW OVERALL

PRESENTING HIS BUDGET. SIR PIERS SAID THIS MEANT THAT THE

RATE GENERAL

WOULD BE FOUR PER CENT IN HONG KONG, ROWLOON KOWLOON AND 1.5 PER CENT IN THE NEW TERRITORIES, AND THAT THE CHARGE WOULD BE 7.5 PER CENT THROUGHOUT THE TERRITORY.

"THE TOTAL CHARGE IS CURRENTLY SIX PER CENT. IN HONG KONG, KOWLOON AND NEW KOWLOON, 2.5 PERCENTAGE POINTS ARE FOR GENERAL REVENUE AND 3.5 PERCENTAGE POINTS FOR THE URBAN COUNCIL.

"FOR PROPERTIES IN THE NEW TERRITORIES, THE REVENUE FROM THE CHARGE OF SIX PER CENT ALL GOES TO THE REGIONAL COUNCIL, AND NONE TO GENERAL REVENUE. HE SAID.

IN 1990-91 RESULTING

THE ADDITIONAL YIELD TO GENERAL REVENUE FROM THIS PROPOSAL WAS IN THE REGION OF $1.3 BILLION, HE SAID.

/THE FINANCIAL

T