XN000022-1993-07-21 — Page 32

WEDNESDAY, JULY 21, 1993

24

REVISED RATE OF LEVY TO MEET PNEUMOCONIOTIC COMPENSATION

* * * * *

THE RATE OF LEVY ON THE CONSTRUCTION AND QUARRYING INDUSTRIES WILL BE INCREASED BY PHASES TO ENABLE THE PNEUMOCONIOSIS COMPENSATION FUND BOARD TO HAVE SUFFICIENT FUNDS TO MEET ITS LONG-TERM COMMITMENTS.

IN MOVING A RESOLUTION IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY}, THE SECRETARY FOR EDUCATION AND MANPOWER, MR MICHAEL LEUNG, SAID THE FUND WOULD ACCUMULATE A BIG DEFICIT BY 1994 CURRENT RATE OF LEVY OF 0.02 PER CENT REMAINED UNCHANGED.

IF THE

PROPOSE

"THEREFORE, AFTER CONSULTATION WITH THE FUND BOARD, WE ΤΟ INCREASE THE RATE OF LEVY ON THE CONSTRUCTION AND QUARRYING INDUSTRIES BY PHASES, INITIALLY TO 0.3 PER CENT IN 1993.

"A SECOND PHASE OF INCREASE WILL BE REQUIRED SOMETIME NEXT YEAR. HE SAID.

++

THE RESOLUTION TO VARY THE RATE OF LEVY SHALL COME INTO EFFECT ON AUGUST 22 THIS YEAR.

THE REVISED RATE WILL APPLY ΤΟ ALL CONSTRUCTION CONTRACTS THE TENDERS OF WHICH ARE SUBMITTED ON OR AFTER THIS DATE.

SUBSTANTIAL CHANGES HAVE BREN MADE что THE PNEUMOCONIOSIS

(COMPENSATION) PNEUMOCONIOTICS.

ORDINANCE

то PROVIDE

IMPROVED

BENEFITS

TO

THE MOST SIGNIFICANT IMPROVEMENTS ARE TO INTRODUCE MONTHLY COMPENSATION PAYMENTS PAYABLE UNTIL A PNEUMOCONIOTIC'S DEATH AND ΤΟ ALLOW PNEUMOCONIOTICS WHO HAVE PREVIOUSLY RECEIVED A LUMP SUM COMPENSATION то RECEIVE MONTHLY PAYMENTS IF THEY SUFFER ADDITIONAL INCAPACITY.

IT IS ESTIMATED THAT SOME 2,000 PNEUMOCONIOTICS WHO WERE DURING 1981 TO 1993 WOULD BE ABLE TO BENEFIT UNDER THE NEW

DIAGNOSED SCHEME.

FROM

LEVY ON NON-FOOD IMPORTS TO BE REDUCED

* * * * *

THE AD VALOREM LEVY (AVL) ON NON-FOOD IMPORTS WILL BE REDUCED 0.05 PER CENT OF THE VALUE OF THE GOODS TO 0.035 PER CENT FROM OCTOBER 1 IN THE FACE OF SUBSTANTIAL GROWTH OF THE EXTERNAL TRADE IN RECENT YEARS.

THE LEVY REDUCED WAS SPECIFIED IN THE IMPORT AND EXPORT (REGISTRATION) REGULATIONS UNDER THE IMPORT AND EXPORT ORDINANCE.

MOVING THE RESOLUTION,

THE ACTING SECRETARY FOR TRADE AND INDUSTRY, MRS REGINA IP, SAID THE REDUCTION SHOULD BE WELCOMED BY TRADERS AS WELL AS MANUFACTURERS WHO RELIED ON IMPORTED RAW MATERIALS AND COMPENENTS FOR THEIR PRODUCTION.

/THE SAVINGS