XN000022-1991-03-06 — Page 36

WEDNESDAY, MARCH 6, 1991

FEES

35

THE FINANCIAL SECRETARY FURTHER PROPOSED TO INCREASE BY 13 PER CENT FROM APRIL 1, 1991.

REVENUE

BERTHING

ARISING FROM

THESE

HE ESTIMATED TOTAL ADDITIONAL INCREASES TO BE $12 MILLION IN 1991-92 OR $20 MILLION IN A FULL YEAR.

TRANSFER OF VEHICLE OWNERSHIP FEE

THE FINANCIAL SECRETARY PROPOSED TO TAX-LOAD THE FEE TRANSFER OF VEHICLE OWNERSHIP.

FOR THE

OF A THE PRESENT FEE PAYABLE ON THE TRANSFER OF OWNERSHIP VEHICLE IS $50. THIS PROPOSAL WOULD RESULT IN THE FEE BEING RAISED TO OF $250 FOR MOTOR CYCLES AND TRICYCLES AND TO $1,000 FOR OTHER TYPES VEHICLE.

THE

INCREASE

CAME INTO EFFECT

THIS

AFTERNOON ADDITIONAL REVENUE YIELD WAS ESTIMATED TO BE $140 MILLION.

AND

THE

THE

CONCESSIONS ON PERSONAL TAXATION AND STAMP DUTY

FINANCIAL

* *

THE SECRETARY,

HON SIR PIERS

JACOBS

TODAY

(WEDNESDAY) PROPOSED TO REVISE THE MARGINAL RATES OF TAX FOR SALARIES TAX AND PERSONAL ASSESSMENT, AND TO INCREASE PERSONAL ALLOWANCES.

IN HIS 1991-92 BUDGET SPEECH, THE

SECRETARY FINANCIAL

ALSO DUTY ON SHARE PROPOSED, IN RELATION TO STAMP DUTY, TO REDUCE THE TRANSFERS AND EXEMPT DEBT INSTRUMENTS, AND PROVIDED A FURTHER SPECIFIC RELIEF IN RELATION TO CERTAIN CORPORATE RESTRUCTURING ARRANGEMENTS.

PERSONAL TAXATION

A

PROPOSED THAT FOR PERSONAL TAXATION, THE FINANCIAL SECRETARY SCHEDULE 2 OF THE INLAND REVENUE ORDINANCE BE AMENDED TO PROVIDE SIMPLIFIED FOUR-BAND SCALE. THE NEW MARGINAL RATES WILL BE TWO

AND 17 PER NINE

PER CENT THE FIRST UPON

$20,000, RESPECTIVELY UPON THE NEXT TWO BANDS OF $20,000 AND 25 PER CENT THE REMAINDER.

CENT

PER

CENT UPON

SIR PIERS SAID TAXPAYERS WITH LOWER INCOMES STOOD

TO BENEFIT

MOST.

HE

ALLOWANCES RESPECTIVELY.

ALSO PROPOSED

FROM $32,000

TO

AND

$66,000

INCREASE BASIC AND MARRIED PERSON'S

ΤΟ $34,000

AND

$68,000

THUS,

TAKEN TOGETHER WITH THE EXISTING ADDITIONAL THE NEW PERSONAL ALLOWANCE WOULD BE $41,000 FOR A SINGLE PERSON, $82,000 FOR A MARRIED COUPLE. BELOW THESE INCOME LEVELS, BE NO LIABILITY TO PERSONAL TAX, SIR PIERS SAID.

ALLOWANCE,

THERE

AND WOULD

/THE FINANCIAL