TNAG-1361-FCO40-1807-Hong-Kong-Hansard-reports-and-minutes-of-the-meetings-of-the-1985 — Page 145

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SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL: WEDNESDAY, 13 MARCH, 1985

Sir,

Paper.

I move the motion standing in my name in the Order

In accordance with established policy, the full general rate charge for newly assessed areas in the New Territories is phased in over a period of five years. In the first year of assessment the actual charge applied is 50% of the full charge, in the second year 60%, and so on until the full charge is levied in the sixth year.

The full general rate charge of 5.5% already applies to all but four rating areas in the New Territories. In 1985-86 these four areas (Areas P, Q, R and S comprising Cheung Chau, Peng Chau, Lantau and Ma Wan, and Lamma Islands) will be in their sixth year of assessment: the full charge of 5.5% should therefore be applied to them.

The percentage charges for the other rating areas

will remain unchanged at this year's level. In order that the percentage charges for 1 April 1985 onwards may take effect, a resolution is required under section 18(1) of the Rating Ordinance, which is the sole object of this motion.

Sir, I beg to move.