XN000022-1992-05-06 — Page 37

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WEDNESDAY, MAY 6, 1992

THE ADDITIONAL $6 BILLION SURPLUS ONLY RECENTLY BECAME APPARENT WHEN THE 'FIRST CLOSING' OF THE GOVERNMENT'S ACCOUNTS BECAME AVAILABLE. THE FINANCIAL SECRETARY HAS MOVED QUICKLY TO AMEND HIS PROPOSALS TO TAKE ACCOUNT OF THIS BETTER THAN EXPECTED FINANCIAL POSITION.

MR MACLEOD SAID HE WAS PLEASED THE LEGISLATIVE COUNCIL HAD NOW PASSED HIS BUDGET PROPOSALS, THE MOST IMPORTANT ELEMENTS OF WHICH WERE A SIGNIFICANT INCREASE IN PERSONAL TAX ALLOWANCES RANGING FROM 12 TAX: 15 PER CENT; A MODEST 1 PER CENT INCREASE IN CORPORATE PROFITS THE ABOLITION OF THE DUTY ON SOFT DRINKS AND THE TAX ON CINEMA TICKETS; THE EXEMPTION OF FRANCHISED BUSES FROM DUTY ON FUEL; AND A FURTHER REDUCTION IN STAMP DUTY ON STOCK TRANSFERS.

"THIS BUDGET WILL ENABLE THE GOVERNMENT TO GO ON IMPROVING PUBLIC SERVICES WHILE AT THE SAME TIME MAINTAINING A

FISCAL HEALTHY

TAKEN RESERVE.

TOGETHER, THIS PACKAGE OF MEASURES WILL BENEFIT ORDINARY HOUSEHOLDS AND HAVE AN IMPACT IN REDUCING INFLATION.'

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RATES INCREASE WITHDRAWN

* * *

THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, TODAY ANNOUNCED THAT THE BUDGET PROPOSAL TO INCREASE THE RATES CHARGE BY HALF A PERCENTAGE POINT WILL BE WITHDRAWN.

(WEDNESDAY} PERCENTAGE

THIS MEANS THAT FROM APRIL 1, 1992 RATES WILL BE CHARGED AT 5.5% ON THE RATEABLE VALUE INSTEAD OF 6%.

A SPOKESMAN FOR THE TREASURY EXPLAINED THAT THE SECOND QUARTER RATES DEMANDS WERE ISSUED BASED ON 6% RATES CHARGE IN ACCORDANCE WITH THE REVENUE PROTECTION ORDER SIGNED BY THE GOVERNOR AND PUBLISHED IN THE GAZETTE ON MARCH 4, 1992.

ANY AMOUNT OVERPAID ON SUCH DEMANDS WILL BE DEDUCTED FROM THE THIRD QUARTER'S RATES DEMANDS TO BE ISSUED AT THE END OF JUNE,

THE AMOUNT DUE FOR THE THIRD QUARTER DEMANDS WILL BE BASED 5.5% RATES CHARGE.

ON

AS RATES

NO INTEREST WILL BE PAYABLE ON THE AMOUNTS REFUNDED WERE CHARGED IN ACCORDANCE WITH THE REVENUE PROTECTION ORDER AND THERE IS NO PROVISION FOR PAYING INTEREST ON ANY REVENUE REFUNDED DUE TO SUBSEQUENT CANCELLATION OR AMENDMENT OF A REVENUE PROTECTION ORDINANCE.

FINAL NOTICES SENT TO THOSE WHO HAVE NOT YET SETTLED THEIR SECOND QUARTER DEMANDS WILL REFLECT THE REVISED RATES CHARGE. ANY SURCHARGES IMPOSED WILL ALSO BE CALCULATED BASED ON THIS REVISED RATES CHARGE.

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