TNAG-1641-FCO40-2288-Budget-of-Hong-Kong-1987 — Page 208

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3.2.87

117.

For 1987-88, I intend to increase the following

fees and charges first, business registration fees;

second, vehicle and driving licence fees; and last,

certain visa and travel document fees (43). These

specific increases will be in addition to those

departmental fees and charges coming up for their normal

gular review in 1987. The increases will yield

L

00 million in 1987-88 and $240 million in a full year.

Business Registration Fee

118.

The business registration fee was increased in

the 1985 Budget (44). At present the annual charge is

$500. I propose to increase the fee by 10% to $550. The

fee will apply to all registered businesses, but small

businesses whose monthly turnover does not exceed certain

prescribed limits will continue to be granted exemption.

The increase will be effective from 1 April 1987 and the

additional yield will be $20 million in 1987-88.

The levy

for the Protection of Wages on Insolvency Fund, currently

at a rate of $100, is separate and is not affected by this

proposal.

(43)

(44)

Details are in Appendix E.

1985 Budget Speech, paragraph 97.

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