| 55. |
Bus
and taxi companies were also badly hit by
the SARS crisis. One practical way to help
them is to extend the life of their fleets
and ease their depreciation costs. The current
statutory life span for omnibuses is 15 years,
and for taxis 7 years. With advances in vehicle
engineering, stricter inspections and better
maintenance, these vehicles can stay roadworthy
longer. We will therefore extend the statutory
life spans of omnibuses from 15 to 17 years,
and for taxis from 7 to 8 years, with effect
from 1 Sep 2003. This will apply to both existing
and new omnibuses and taxis. Bus and taxi
companies are expected to save about $7 million
and $10 million a year, respectively, in depreciation
expense, at no cost to the Government. |
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