Mr. Emanuel
284
I have read this memorandum with much interest and with admiration for the ingenuity with which it is proposed to tackle the difficulties of introducing a normal income tax in Hong Kong. It is, of course, a great pity that at a time like the present when abnormal profits must be being made and there is a surplus of purchasing power, it is impossible to introduce a sur-tax but I would not wish to question Mr. Pudney's view that this is not a. present a practical proposition.
I am particularly impressed with the ingenious way in which it is proposed to offr an inducement to individuals to come under the system of personal assessment.
7.03.15.
9.1.47.