WEDNESDAY, JULY 8, 1992
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also noted that
total ex-gratia
the
compensation paid out from TICRP since its inception in 1988
amounts to less than $13 million.
3.
4.
Reduction of Fund Levy
The Fund Levy to be reduced when TICRF (or its successor) reaches a target amount. Exact
level of reduction
left open.
TIC's non-levy income
At least 20% of TIC's expenditure to be financed by non-levy income, such as membership fees.
Fund Levy to be reduced from 0.85% to 0.35% once TICRF accumulates $100 million.
TIC will comply with this requirement in 2 years.
The Financial Secretary may vary the percentage, having regard to the financial position of TIC.
This will encourage TIC to exercise budgetary controls and allow those TIC members who are non-levy
contributors (i.e. Hon outbound tour
operators) to
contribute their due
share towards TIC which
also undertakes
activities besides
regulation of outbound
travel agents. The
proposed 20% roughly reflects the present situation.
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