WEDNESDAY, MARCH 30, 1977
MR. LEE POINTED OUT THAT IN CALCULATING INCOME TAX, A TAX-FREE ALLOWANCE SHOULD BE DEDUCTED FOR THE TAXPAYER'S SUBSISTÈNCE.
HE REFERRED TO A PRINCIPLE LAID DOWN IN THE SECOND REPORT OF THE ROYAL COMMISSION ON THE TAXATION OF PROFITS AND INCOME (ALSO KNOWN AS THE RADCLIFFE COMMISSION) WHICH STATED THAT THERE SHOULD BE NO INCOME TAX LEVIED UPON ANY INCOME WHICH IS INSUFFICIENT TO PROVIDE ITS OWNER WITH WHAT HE REQUIRES FOR SUBSISTENCE. +
BY SUBSISTENCE, MR. LEE EXPLAINED, THE COMMISSION MEANT +AN INCOME LARGE ENOUGH TO EQUIP AND SUSTAIN A HEALTHY AND EFFICIENT CITIZEN, NOT MERELY TO KEEP HIM ALIVE.+
COMMENTING ON THE BUDGET IN GENERAL TERMS, MR. LEE POINTED OUT THAT THE INCREASE IN APPROPRIATIONS FOR GOVERNMENT SERVICES IN ALL MAJOR FIELDS AND THE REDUCTION OF THE TAX BURDEN FOR THE MIDDLE AND LOWER INCOME GROUPS WERE THE BUDGET'S OBVIOUS FEATURES.
THESE FEATURES, HE CONTINUED, REFLECTED THE EFFICIENT WAY
IN WHICH THE BUDGET WAS PREPARED.
+ IF COMMENTS WHICH WE HEAR FROM VOCAL MEMBERS OF THE COMMUNITY CAN BE TAKEN AS A MEASURE OF PUBLIC OPINION, THERE IS NO DOUBT THAT THE PEOPLE OF HONG KONG HAVE FOUND THE 1977/78 BUDGET GENERALLY SATISFACTORY, HE SAID.
MR. LEE POINTED OUT THAT OVER THE PAST FEW MONTHS, CONCERN HAD BEEN EXPRESSED IN VARIOUS QUARTERS OVER THE INFLUENCE OF OUR CRITICS, BOTH HERE AND ABROAD, WHO FEEL THAT WE ARE EITHER NOT DOING ENOUGH FOR OUR OWN SOCIAL DEVELOPMENT OR THAT WHAT WE ARE DOING IS NOT BEING DONE IN THE RIGHT WAY.+
HONG KONG, HE SAID, SHOULD WELCOME CONSTRUCTIVE SUGGESTIONS WHATEVER THEY MIGHT BE AND WHEREVER THEY MIGHT COME FROM AS +WE DO NEED THEM TO BETTER SERVE OUR PEOPLE.+
+BUT I HOPE THOSE WHO ARE RESPONSIBLE FOR OUR AFFAIRS WILL TAKE PRIDE IN HAVING HONG KONG UNDER THEIR CARE, SEEING WHAT WE HAVE ALREADY MANAGED TO ACHIEVE: THAT DESPITE OUR MANY PROBLEMS WE ARE STILL ABLE TO EARN FOR OURSELVES AMONG THE HIGHEST STANDARDS OF LIVING AND PER CAPITA INCOME IN ASIA TODAY, HE STRESSED.
IN THIS CONTEXT, MR. LEE SAID IT WOULD BE DIFFICULT NOT TO ACCEPT THAT THE SOCIAL POLICIES LAID DOWN BY THE GOVERNOR TO IMPROVE THE QUALITY OF LIFE+ AND THE FINANCIAL AND ECONOMIC POLICIES FORMULATED BY THE FINANCIAL SECRETARY TO IMPLEMENT THEM +ARE THOSE BEST SUITED TO OUR PRESENT AND PROSPECTIVE FUTURE CIRCUMSTANCES, WHICH ARE REALLY UNIQUE TO HONG KONG.+
IF CRITICS OF HONG KONG FELT OTHERWISE, HE WENT ON, THEN THE MORE FREQUENT EXCHANGE OF VISITS BETWEEN LONDON AND HONG KONG SHOULD CONTRIBUTE TOWARDS RECONCILING ANY DIFFERENCES IN VIEWS.
/IN "HIS