(E)
(F)
TO FINANCE EXPENDITURE, TO INCREASE THE ROLE OF INDIRECT TAXES AND LEVIES AND EVENTUALLY TO ACHIEVE VARIOUS POLICY OBJECTIVES: VEHICLES LICENCE CHARGES SIMPLIFIED AND RAISED BY VARYING AMOUNTS, IN MANY CASES MORE THAN DOUBLE THE PRESENT RATES: FIRST REGISTRATION TAX ON PRIVATE CARS AND MOTOR CYCLES RAISED FROM 10 PER CENT TO 15 PER CENT : AND CERTAIN OTHER MINOR CHANGES INTRODUCED (YIELDING AN EXTRA HK DOLLARS 91 MILLION).
MISCELLANEOUS CHARGES (YIELDING AN EXTRA HK DOLLARS 8 MILLION).
EFFECT OF REVENUE PROPOSALS ON QUTTURN FOR 1974-75
THESE REVENUE PROPOSALS ARE ESTIMATED TO YIELD A FURTHER HK DOLLARS 175 MILLION IN 1974-75 TO TURN THE DEFICIT OF HK DOLLARS 154 MILLION INTO A SMALL SURPLUS/OF HK DOLLARS 21 MILLION).
PART VI : REVENUE PROPOSALS FOR 1975-76
FOLLOWING SPECIFIC PROPOSALS MENTIONED AS POSSIBILITIES
FOR 1975-76 :
2.
RAISE FEES AND CHARGES:
RAISE WATER CHARGES:
RAISE GENERAL RATE SUFFICIENTLY TO OFF-SET LOSS OF
REVENUE DUE TO POSTPONING REVALUATIONS BECAUSE OF
COMMISSIONER OF RATING AND VALUATION'S PREOCCUPATION WITH
RENT CONTROL :
.!
AMEND THE INLAND REVENUE ORDINANCE TO BRING CERTAIN BUSINESS ACTIVITIES WITHIN THE AMBIT OF PROFITS TAX (AND THEREBY CORRECT TENDENCY IN RECENT YEARS FOR THE PROFITS TAX BASE TO BE ERODED BY UNFAVOURABLE COURT
DECISIONS):
}
RAISE STANDARD RATE (AND THE FINANCIAL SECRETARY HINTED THIS MIGHT BE AS MUCH AS 2 1/2 PERCENTAGE POINTS).
A FULL TEXT OF THE SPEECH, TOGETHER WITH A COPY OF THE DRAFT ESTIMATES AND VARIOUS OTHER BACKGROUND DOCUMENTS PUBLISHED TODAY, FOLLOW BY BAG.
MACLEHOSE
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