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Publications and Press Releases :
Press Release
: News Archives
Legislative Council passes Revenue Bill 2007
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The Legislative Council today
(June 13) passed the Revenue Bill 2007 giving effect to two tax
reduction measures proposed by the Financial Secretary in his 2007-08
Budget.
The Budget proposed to reduce the
duty rate on alcoholic beverages (other than wine) containing not
more than 30 per cent of alcohol from 40 per cent to 20 per cent,
and that on wine from 80 per cent to 40 per cent.
The Budget also proposed to reduce
the rate of stamp duty on transactions of properties with a value
between $1 million and $2 million from 0.75 per cent to a fixed
amount of $100.
These two Budget proposals have come
into effect on Budget Day (28 February 2007) under the Public Revenue
Protection (Revenue) Order 2007. The Order gives legal effect to
these proposals for a maximum period of four months. The Revenue
Ordinance 2007 gives legal effect to the proposals from 22 June
2007 onwards.
"We believe that the reduction
of stamp duty would help more families own their homes. The reduction
of duty on alcoholic beverages would help promote the development
of our catering industry, tourism and wholesale and retail alcoholic
beverage trade, thereby benefiting the community at large,"
a Government spokesman said.
"In the long run, the
Government intends to promote the development of Hong Kong as the
region's wine exhibition, trading and logistics centre", he
added.
Ends/Wednesday, June 13, 2007
Issued at HKT 21:46
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