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The Government today (November 23) gazetted the Rating (Exemption)(No 2) Order 2007.
The Order was made by the Chief Executive in Council on November 13 to implement the rates relief announced by the Chief Executive in the 2007 Policy Address.
Subject to a ceiling of $5,000 for each rateable tenement, rates for all tenements in Hong Kong for the period between January 1 and March 31, 2008, will be exempted. If rates for the tenement concerned are payable for only part of the concession period, the ceiling of $5,000 will be reduced on a pro rata basis. If rates payable by a tenement in that quarter is less than $5,000, the unused portion of the concession will not be used to offset the outstanding rates in any other quarters. The concession does not apply to payment of Government rent.
The order will be tabled in the Legislative Council on November 28 for negative vetting. Subject to negative vetting, the order will take effect on January 1, 2008.
Ends/Friday, November 23, 2007
Issued at HKT 11:46
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