XN000022-1997-03-12 — Page 72

.

P

49.

Rates

"I propose that the overall rates percentage charge should be reduced from 5.5 per cent to 5 per cent. This is an historic low." (Para 107)

"Lower rates for business firms are another contribution to ensuring Hong Kong is as user-friendly as possible to business, thus reinforcing our role as an international business centre." (Para 111)

Stamp Duty on Property Transactions

"I propose to adjust the threshold values for the various Stamp Duty bands to benefit those buying flats with a value of $4 million or less." (Para 115)

Driving Licences

"To make life easier for drivers, I propose to issue driving licences valid for 10 years and charge $900 for such a licence. This is good value for money." (Para 118 and 119)

Duty on Alcoholic Beverages

"I propose to reduce wine duty from 90 per cent to 60 per cent. I am looking to shops, restaurants and hotels to pass on this duty reduction to their consumers." (Para 125)

CONCLUSION

"We are committed to our role as an international business centre. We are committed to our policy of financial prudence. We will continue to enjoy full autonomy in economic affairs." (Para 128)

"This is a time of great change for us. But it is also a time for us to hold fast to our values. To have faith and confidence in ourselves. To look to what we Hong Kong people can do." (Para 137)

"Many in our community, and among our friends around the world, have a major question in their minds at this time. This Budget provides at least a part of the answer: Yes, the future does work." (Para 138)

End