Summary of Concessions 

　

94.    With the implementation of the above concessions -

  • about 85% or more than 2.3 million ratepayers will pay no rates for one year;

  • about 80% of households and business consumers will pay no water and sewage charges for one year;

  • each of the 15 000 or so businesses currently required to pay the trade effluent surcharge will on average pay $4,000 less;

  • over 600 000 business operators will be exempted from the business registration fee for one year; and

  • the transportation industry will continue to benefit from the duty concession for ultra low sulphur diesel.

　

95.     These extensive concessions will benefit the general public and the business community alike.  The total cost of these concessions will amount to $6.4 billion.

　

96.     Implementation of the proposed concessions on water and sewage charges, the trade effluent surcharge, the business registration fee and the duty on ultra low sulphur diesel is subject to the passage of subsidiary legislation.  We will introduce the subsidiary legislation into this Council as soon as possible.  I hope that Members will support these proposals.

　

Rates Revaluation

　
97.     Apart from my proposal to raise the maximum amount of rates to be waived to $5,000 for each rateable tenement in 2002, the recently-completed revaluation exercise has also indicated that average rateable values fell by 6% last October compared with a year earlier.  The burden of rates payments on citizens has thus been further alleviated.