ENG-1952 — Page 80

HONG KONG ANNUAL REPORT, 1952

Drawback on export is permitted on duty-paid commodities manufactured locally.

There is an adequate number of general bonded and licensed warehouses.

New Measures

The duties on liquor, which had applied since 29th November, 1946, were varied by resolution of the Legislative Council on 18th March, 1952, and subsequently amended slightly by a further resolution on 29th April, 1952. The higher rates were levied in order to raise additional revenue.

On 3rd December, 1952, a resolution of Legislative Council changed the rates of duty on hydrocarbon oils which had been current from 16th January, 1941. The purpose of this variation was to change the basis of assessment on the main types of heavy oil from gallon- age to tonnage in order to simplify the keeping of records. The new rates were calculated to produce the same revenue as the old rates.

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