ENG-1963 — Page 96

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PUBLIC FINANCES

Stamp Duty. This is modelled on Stamp Duty in the United Kingdom and fixed duties are charged on various documents. The lowest is 15 cents on bills of lading and receipts and the highest $20 on deeds. Ad valorem duty on various other documents ranges from 15 cents on $500 to $2 on $100. A special duty at the rate of three per cent is payable on the first conveyance of any parcel of land after September 1948. The estimated yield from Stamp Duty during the current financial year is $52 million.

Entertainments, Dance Halls & Bets and Sweeps Taxes. Sub- stantial revenue accrues from these taxes and it is estimated they will yield $40,800,000 during the current year. Entertainments Tax is charged on the price of admission to places of entertainment. The rate of charge varies with the amount charged for admission and averages approximately 22 per cent. Certain types of enter- tainment given for philanthropic, charitable or educational pur- poses are taxed at a lower rate or may be exempt. Public_Dance Halls Tax is a levy of 10 per cent on all dance halls charges. Bets and Sweeps Tax imposes 7 per cent on totalizator receipts and 25 per cent on cash sweepstake receipts.

Business Registration. Registration of businesses on payment of a fee was first introduced in 1952 by the Business Regulation Ordinance, which was replaced by the Business Registration Ordinance in 1959. With certain exceptions including charitable institutions, every business carried on in the Colony must be registered and pay annually a registration fee of $25. Exemption is granted when the business is very small. These fees are expected to yield approximately $2,200,000.