60'd
8.
My
first
proposal is to increase corporate
This is a modest increase
profits tax from 16.5% to 17.5%.
which leaves the rate of profits
tax a full percentage
This increase will have
point below its
historical high.
5
no significant impact on either
enthusiasm to invest in Hong Kong.
local or international
9.
I have also decided to
increase the general
rates for the coming year by a half of one per cent. This
will mean that the total charge to rates will be 6%. Rates
currently at an all-time low. They are equal to þnly
about 2% of
are
less than 18
will have a
household incomes. For businesses, rates are
of average operating expenses. My proposals
negligible impact on the rate of inflation as
measured by the CPI(A). And rates in Hong Kong vill continue to be very low by International standards.
10.
These were the tax increases. But I was also
able to propose tax cuts. My tax concessions have two
aims. First, to abolish taxes on certain non-luxury items
which directly affect the cost of living for ordinary
families.
salaries tax.
Second, to
ease the burden on those liable to
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