The Business Registration Ordinance (Amendment: Levy Reduction) Order 2008 has been gazetted, seeking to reduce the business registration certificate levy for the Protection of Wages on Insolvency Fund from USD600 to USD450 a year from March 14.
The order will be tabled at the Legislative Council January 23, and the new rate will be applicable only to business and branch registration certificates from March 14, the Hong Kong authorities announced on Friday.
The Labour Department said the fund payment has subsided, and its financial position has improved steadily with the continual improvement in the local economy and the department's efforts to combat wage default.
The fund was set up in 1985 to provide timely relief in the form of ex gratia payments to employees of insolvent employers. It is financed by a levy on each certificate issued under the Business Registration Ordinance.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment