TNAG-2470-FCO40-3594-Budget-of-Hong-Kong-1992 — Page 102

9.

Other tax cuts abolish taxes on non-luxury items

which

namely

diesel fuel

affect

the

of cost

living

soft

and drinks

cinema

is

for abolished

for ordinary families,

tickets. And the duty on

franchised

bus companies,

helping to keep bus fares down.

*

10.

There will be modest

increases in profits tax

(+18) and the rates (+0.5%), which will not damage Hong

firms'

competitiveness.

[The

effect

of the rates

Kong increase on inflation is negligible, at 0.14% on CPI(A).

It equals $43 a month extra for average private flat, $15 a

month for

average

HA

flat.]

raise will

These and

other revenue

an additional $3.8 billion in a full

measures

year.

11.

The

Budget's

five tax

will

The net additional revenue, therefore

concessions

dost

is

$2.1 billion.

$1.7 billion in a full year.

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