XN000022-1994-04-27 — Page 17

WEDNESDAY, APRIL 27, 1994

THE

BILL WOULD ALSO MAKE A TECHNICAL AMENDMENT TO EMPOWER THE COMMISSONER OF INLAND REVENUE TO ISSUE NOTICES UNDER THE STAMP DUTY ORDINANCE BY ORDINARY MAIL OTHER THAN REGISTERED MAIL.

CONCERNING THE BUSINESS REGISTRATION (AMENDMENT) BILL 1994, MR KWONG SAID IT SOUGHT TO DOUBLE THE BUSINESS REGISTRATION FEB FROM $1,000 TO $2,000.

TO PROVIDE RELIEF TO BUSINESSES WITH A SMALL TURNOVER, THE BILL WOULD INCREASE THE LEVELS BELOW WHICH PAYMENT OF BUSINESS REGISTRATION FEE IS EXEMPT.

A BUSINESS WOULD BE EXEMPT FROM THE FEE IF ITS AVERAGE MONTHLY SALES DO NOT EXCEED $15,000; OR WHERE THE BUSINESS CONSISTS OF RENDERING SERVICES, IF ITS AVERAGE MONTHLY RECEIPTS DO NOT EXCEED $4,000.

THE INCREASE IN BUSINESS REGISTRATION FEE WOULD GENERATE ABOUT $700 MILLION IN 1994/95 AND $3.4 BILLION UP TO 1997/98.

OF

MR KWONG SAID THE BILL WOULD ALSO EMPOWER THE COMMISSIONER INLAND REVENUE TO ISSUE NOTICES UNDER THE BUSINESS REGISTRATION ORDINANCE BY ORDINARY MAIL OTHER THAN REGISTERED MAIL.

TURNING то THE MOTOR VEHICLES (FIRST REGISTRATION TAX) (AMENDMENT) BILL 1994, MR KWONG SAID IT WOULD EXEMPT ELECTRIC VEHICLES REGISTERED WITHIN THREE YEARS FROM APRIL 1 THIS YEAR FROM FIRST REGISTRATION TAX.

THE PROPOSAL WOULD MAKE ELECTRIC VEHICLES MORE ATTRACTIVE BY REDUCING THEIR INITIAL PURCHASE COST, THUS PROVIDING AN IMPETUS FOR MORE WIDE-SPREAD USE OF THESE ENVIRONMENTALLY-FRIENDLY VEHICLES ON OUR ROADS, HE SAID.

GOVERNMENT WOULD ASSESS THE BENEFITS OF THIS CONCESSION TOWARDS THE END OF THE THREE-YEAR PERIOD TO SEE WHETHER IT SHOULD BE EXTENDED.

DEBATES ON THE SIX BILLS WERE ADJOURNED.

SFS ON INTEREST RATE RULES

FOLLOWING IS THE SPEECH BY THE SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, IN THE LEGISLATIVE COUNCIL DEBATE ON INTEREST RATE RULES TONIGHT (WEDNESDAY):

MOTION

MR PRESIDENT,

THE

MOTION CALLS FOR THE REPEAL OF EXISTING PROVISIONS UNDER THE HONG KONG ASSOCIATION OF BANKS ORDINANCE REGARDING THE SPECIFICATION OF INTEREST RATES FOR CURRENT, SAVINGS AND DEPOSITS.

FIXED

/I INTEND