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PRESS RELEASE

(Source : news.gov.hk)

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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