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Mr. David LI: Sir, our responsibility here is to ensure that the Administration does its best to meet today's needs whilst safeguarding tomorrow's prosperity. Hong Kong stands or falls on its own resources, its own abilities. No one will bail it out if it gets into trouble. No one will kill the fatted calf if this Council lets Hong Kong become a fiscal prodigal.
The Budget Speech called for a sales tax. The argument is that a sales tax would provide the Government with a
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more stable revenue base. If a world recession hits corporate and individual tax receipts, the Administration at least would still get by taxing the rice, congee and noodles that most of us eat. Could it be that despite these enormous reserves and huge surpluses, the Government is worried about its future? [No. Sir, we are witnessing bureaucratic ideology run wild. Since 1982 per capita
indirect taxation has more than
doubled. The proportion
That puts
of total tax revenue coming from indirect taxes has increased by more than a third to 40 per cent. Hong Kong more or less in line with the major industrial economies:- the United States at 39 per cent, Japan at 34 per cent and West Germany at 45 per cent. Apparently this is not enough some of our financial planners. slavishly want to ape Britain,, they want parity. they do not seem to realise that equity and efficiency are the best tests of a taxation system, not some misguided pursuit of aesthetic symmetry.
thers
Grave concern has been expressed that 10 per cent of the salaries tax payers pay 65 per cent of the salaries tax. Why this concern? That is the whole point of progressive taxation. The fact is that 10 per cent of the households receive well over 50 per cent of the taxable income. P 35 there has been similar concern expressed about the
unreliability of our taxation system in which 20 companies
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