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Thursday, March 16, 1972
He agreed with the Financial Secretary that Hong Kong had to
fit public expenditure to available public resources; that the present
generation of taxpayers had contributed substantially in recent years
to capital works; gradual abolition of estate duty will encourage
overseas money to continuously flow into the Colony.
These and other points, such as, indirect taxes assuming a
more important role for reasons which are partly non-fiscal; and that
indirect taxation should not bear on industrial costs or on basic cost
of living, Mr. Ann said, would provide the right climate for further
industrial development.
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