Hong Kong's Financial Services and the Treasury Bureau on Tuesday stated that any further reduction in the duty for ultra low sulphur diesel would affect Government revenue.
Responding to the transport industry's request to reduce or abolish the tax, the Bureau said ultra low sulphur diesel is a significant and stable source of revenue for the Government.
The present concessionary duty of $1.11 per litre is about 60% less than the original rate of $2.89 per litre, it added.
The Bureau explained that:
"The Government has extended the concessionary rate of $1.11 per litre on seven occasions. The existing concessionary duty on the diesel will remain up to the end of December."
The FSTB stated, however, that a review will be conducted at the end of the year. If it considers that the duty should be maintained at its current level, it will propose extending the concessionary rate for two years until the end of December 2008.
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