XN000022-1996-05-01 — Page 42

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Estate Duty (Amendment) Bill

Following is a speech by the acting Secretary for the Treasury, Mr Alan Lai, in moving the second reading of the Estate Duty (Amendment) Bill 1996 in the Legislative Council today (Wednesday):

Mr President,

I move that the Estate Duty (Amendment) Bill 1996 be read the second time.

The Bill before Members seeks to adjust the schedule of asset value for the purpose of assessing estate duty. Specifically it increases, from $6 million to $6.5 million, the level below which no duty is payable and widens the duty band widths of the two marginal duty bands from $1.0 million to $1.5 million. Therefore estate duty will be payable at 6 per cent on estates of value between $6.5 million and $8.0 million; 12 per cent in respect of value between $8.0 million and $9.5 million; and 18 per cent in respect of value over $9.5 million.

The opportunity is also taken to transfer minor statutory powers of the Governor in Council under the Estate Duty Ordinance with no policy implications to the Secretary for the Treasury in order to lessen the burden on the Governor in Council and to improve the presentation of the Ordinance.

Mr President, with these remarks, I commend the Bill to Members.

End

Stamp Duty (Amendment) Bill

Following is a speech by the acting Secretary for the Treasury, Mr Alan Lai, in moving the second reading of the Stamp Duty (Amendment) Bill 1996 in the Legislative Council today (Wednesday):

Mr President,

I move that the Stamp Duty (Amendment) Bill 1996 be read the second time.