of
Tthe
<lcmuSecondly, that the Second Schedule of the Inland Revenue Ordinance belirevised into provide both a
}
yogre lower initial tax rate land sa more gradual progression-
working
through the various marginal rates as income increases aderonaw(43). Furthermore, the point at which the maximum 13081502 258 marginal rate will begins to apply willribe raised
bao by $10,000; adven
હું :
?
per cent
cepur
bšing tho034.6 907 bossre
Thirdly, I propose that the additional personal allowance be
be increased from $5,000 to $7,000 for a
for a 14. a single person, and from $10,000 to $14,000
married couple. Thus, the basic allowance plus the increased additional allowance will total $36,000 for
a single person, and $74,000 for a married couple; below these income levels there will be no liability
(43)
If the revision proposed is brought into law, the table in the Second Schedule of the Ordinance would be amended to:
For the year of assessment 1988-89 and each year thereafter:
Upon the first $10,000
Upon the next $10,000
5% 10%
15%
PROPOSED
PRESENT
le
38 6% 9$ 12%
15%
percent 154
18%
21%
20% 20% 25%
percent
25%
25%
I H
do
do
do
do
do
Upon the remainder
Examples of the effect on tax payable due to the revision of the marginal tax rates are given in Appendix F(3).
41
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