TNAG-0861-FCO40-1071-Legislation-for-shipping-and-port-control-in-Hong-Kong-1979 — Page 69

1

SECOND COLUMN

(a) Upon the first $10,000

THIRD COLUMN

5 per cent.

(b) Upon the next $10,000

10 per cent.

(c)

(a)

A

do

15 per cent.

do

20 per cent.

(e) Upon the remainder

25 per cent.

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Explanatory Memorandum

This Bill implements the proposals in the

1979 Budget to amend the terms of the supplementary

personal allowances for salaries and personal assessment

tax payers introduced in 1977, and the maximum marginal

rate of salaries and personal assessment tax.

The effect of clause 2 is that the supplementary

personal allowances will be reduced by 10 per cent,

instead of 15 per cent, of the amount by which the

taxpayer's net chargeable income exceeds $25,000, in the case of a married person, or $12,500 in the case

of any other person.

Clause 3 amends the Second Schedule to provide

for a new maximum rate for salaries tax assessments and

for personal assessments.

At present the highest rate

of tax payable is 30 per cent which is levied on net

chargeable income over $50,000.

The amendment makes