A two-year extension to the concessionary duty rate for ultra-low sulphur diesel will be proposed to Hong Kong legislators on December 13, the first time the Government has recommended such a long extension.
If passed, the concessionary duty rate will remain at $1.11 per litre until the end of 2008. The move will cost the Government HK$2.2 billion during the period.
This is the eighth time the Government has proposed to extend the concessionary rate, but the duration of previous extensions was no more than one year.
The two-year idea takes into account the transport trade's operating environment, and overall economic and public finance conditions, and will help the industry face the pressure of high oil prices.
As the concessionary rate is already relatively low, there is little room to reduce it further. Any extra revenue loss from such a move will not be justified by the ensuing benefit to the transport industry.
.
Network Tweets 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
All content provided by BSI Media
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