TNAG-1726-FCO40-2439-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 259

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SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL : WEDNESDAY 9 MARCH 1988

He said:

Rating Ordinance (Chapter 116)

Sir,

first motion

/sta

I move the resolution standing in my name in the

Order Paper. The provision seeks to increase the minimum

rateable value of tenements from $1,000 to $1,200 with

effect from 1 April 1988.-

Under section 36(1)(l) of the Rating Ordinance,

any tenement the rateable value of which does not exceed

an amount prescribed by a resolution of this Council is

exempt from assessment to rates. The purpose of this

section is primarily to reduce administrative cost. It is

not intended as a measure of exemption for small tenements

grounds.

on social or other gounds.

کچھ

The existing prescribed amount of $1,000 was

introduced in 1984. It is estimated that the cost of

collecting rates and maintaining an assessment in the

valuation list will reach $80 in 1988-89, while the rates

collected from a tenement with a rateable value of $1, ,000

will only be $60 at the prevailing rate. In view of the

S

need to optimize recovery and having regard to the overall

Per cent

increase of 17 in rateable values, the minimum rateable

value should be increased from $1,000 to $1,200.

A.

Sir, I beg to move.

Question proposed, put and agreed to.