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Business Registration Certificate levy to be
reduced
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The Government today (January 18) gazetted the Business Registration
Ordinance (Amendment: Levy Reduction) Order 2008. The order seeks
to reduce the Business Registration Certificate levy for the Protection
of Wages on Insolvency Fund from $600 a year to $450 a year with
effect from March 14.
"Concomitant with the
continual improvement in the local economy in recent years and the
Labour Department's all-out efforts to combat wage default, ex gratia
payment by the fund has subsided and its financial position has
improved steadily," a government spokesman said.
"Both the Protection of
Wages on Insolvency Fund Board and the Labour Advisory Board supported
the levy reduction," he said.
"The new rate of $450
will be applicable only to business/branch registration certificates
beginning on or after March 14."
The Protection of Wages on Insolvency
Fund was set up in 1985 to provide timely relief in the form of
ex gratia payment to employees of insolvent employers. Employees
who are owed wages, wages in lieu of notice and severance payment
by their insolvent employers may apply for ex gratia payment from
the fund, which is financed by a levy on each certificate issued
under the Business Registration Ordinance.
The order will be tabled at the Legislative
Council on January 23.
Ends/Friday, January 18, 2008
Issued at HKT 15:01
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