TNAG-0761-FCO40-965-Budget-of-Hong-Kong--1978-1979-1978 — Page 54

E. TO INCREASE CHARGES IN RESPECT OF CERTAIN POSTAL SERVICES,

SO AS TO MAKE UP FOR CERTAIN LOSSES IN THIS PUBLIC UTILITY TYPE UNDERTAKING. (ADDITIONAL REVENUE ABOUT DOLLARS 8 MILLION IN 1978-79):

F. TO ABOLISH STAMP DUTY ON A LARGE VARIETY OF TRANSACTIONS,

EXCEPT ON CONTRACT NOTES IN RESPECT OF SHARES AND MARKETABLE

SECURITIES, ASSIGNMENTS OF IMMOVABLE PROPERTY, AND LEASES AND ASSIGNMENTS OF LEASES, AT A COST TO THE REVENUE OF DOLLARS 130 MILLION IN 1978-79)

G. TO REDUCE STAMP DUTY ON CONTRACT NOTES SO AS TO REMOVE AN

ALLEGED DISINCENTIVE TO TRADE IN MARKETABLE SECURITIES, AT A COST TO THE REVENUE AT PRESENT LEVEL OF TURNOVER OF DOLLARS 25 MILLION

IN 1978-79.

21. AS THE NET COST TO THE REVENUE OF THESE PROPOSALS IS DOLLARS

120 MILLION, THE ESTIMATED OUTTURN FOR 1978-79 IS A SMALL DIFICIT

OF DOLLARS 20 MILLION:

ESTIMATED REVENUE

ESTIMATED EXPENDITURE

DOLLARS MILLION

10,366

10,266

DIFFERENCE

REVENUE PROPOSALS

FINAL POSITION

MACLEHOSE

DEPARTMENTAL DISTRIBUTION

HKGD (5)

FRD

ECON D

FED

SEAD

TRED EID

- 7

-

+100

-120

-20

COPIES TO:

HKGO