TNAG-1730-FCO40-2443-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 75

SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNETL : WEDNESDAY 11 MAY 1988

He said:

Sir,

Inland Revenue (Amendment) Bill 1988

"

that the Inland Revenue (Amendment) Bill

1988 be read a second time.

Z

This

"7

tax

tax

15.5

Zue

The Bill seeks to give legislative effect to the taxation concessions proposed in this year's Budget.

include the reduction of the standard rate of

per cent

ph cent

and the rate of profits

These

6.5

from

16+ / 2

to 15

percant

teper

percent

payable by corporations from 18% to 17%.

to 17. In addition to

revisions in the

in the graduated scale of

of tax rates and the

amount of allowances, this Bill also seeks to introduce

an allowance of up to $15,000 for working wives. The amendments will take effect from 1 April 1988.

Sir, ス

I estimate Ι

the cost to General Revenue of

implementing these proposals to be approximately $1,780 million in the current financial year, and $2,790 million

per annum thereafter at present levels of chargeable

income.

A

adjourned.

Sir, I move that the debate on this motion be

Question on adjournment proposed, put and agreed to.

नार

2

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