2
NY 3
4
5
6
7
8
9
Сарго
10
11
12
13:
14
NP
16
17
20
21
27 ° ° 2 2 2 2 2 2 2 2 2 2 2
22
24
26
27
31
32
33
34
+55
35
36
cap
ته
ہیں
6 6
Kack
than the rich, and it is therefore a tax
which should be imposed only as a last resort. But there are two matters which have compelled me to the conclu-
sion that I ought to give my colleagues
my support to the Financial Secretary's proposal to continue with his researches into this area of taxation: First, it
hon is acknowledged by many of my honourable colleagues that there are only very few people in Hong Kong who have to pay any
tax, whether salaries tax or profits
tax. Secondly, it is now acknowledged,
15 even by the Government, that there is a rather serious emigration problem, and
most of our emigrants come from this small bracket of tax payers. Suppose this emigration tide were to continue?, Then in the not too distant future, there may come a time when there will
not be too many taxpayers left in Hong
Kong, and if our economy should cease to be as vibrant as now, the Government may face the very difficult problem of
having either to increase taxation,
Cause which would put an even heavier burden on the very few taxpayers left in Hong Kong, or to reduce the social welfare programmes now undertaken by
the Government. But if the tax rate
were to be increased to an unaccept-
able level, it would make Hong Kong less attractive to foreign investors/ It might also force more people to emi-
grate. In those circumstances, and as
a last resort, it may become necessary
اد