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Wednesday, March 13, 1974
"We must look for means of taxation which take money out of the
hands of the more well-to-do," he said, emphasising that the form of
taxation adopted should not have the effect of inflating the cost of
essential basic commodities.
The approach recommended by the unofficials to help meet the
vast capital development programme was to borrow as far as it was possible
to do so, negotiate a loan from the World Bank and, at the same time,
float government bonds in the local market.
"Utilisation of a portion of our reserves need not be regarded
as out of the question," Mr. Woo added, "though we do accept the case
for maintaining a substantial sum by way of reserves."
He also repeated his call for speeding up sales of land
for private development.
Kong's "greatest potential cash asset"
He urged that a study be made of various means by which a
Hong
policy of increasing indirect taxation, as suggested by the unofficials,
could be put into effect. The results of the study should be published
and opportunity should be given for the maximum consultation and discussion.
Turning to the Financial Secretary's tax proposals in the sphere
of transport, Mr. Woo described them as "premature" and called for them
to be deferred for the time being pending the publication of the green
paper on transport,
"Decisions should first be taken on the policy to be adopted in
relation to various types of public transport," he stressed.
"The general public have for long been promised the opportunity of putting forward their views in accordance with the philosophy of open
government. Only after these views have been considered and policy decided
should licence and other fees be raised."
/He added