30
WEDNESDAY, APRIL 20, 1988
TH
'FIRSTLY, AND AT LEAST TO GET TO THE POINT, I STRONGLY SUPPORT THE OBVIOUS INTENTION TO PROVIDE SEPARATE TAXATION FOR WORKING WIVES IN THE NEXT BUDGET.
ог
HE SAID HE ACCEPTED THAT THIS ISSUE REQUIRED VERY DETAILED ASSESSMENT AND CONSIDERATION BUT THIS WORK SHOULD HAVE BEEN DONE ALREADY AND THE SYSTEM INTRODUCED THIS YEAR.
HE SAID THE FINANCIAL SECRETARY, IN REFERRING TO THE SUBJECT IN HIS BUDGET SPEECH LAST YEAR, SAID VERY MUCH THE SAME THING AS HE DID THIS YEAR.
"IT SOUNDS TO ME AS IF THERE HAS BEEN VERY LITTLE FURTHER WORK DONE IN THE MEANTIME. IT IS TIME, IN THE RESPONSE BY THE FINANCIAL SECRETARY TO THE POINTS NOW BEING MADE IN THIS COUNCIL, ΤΟ CONFIRM THAT HE WILL INTRODUCE SEPARATE TAXATION FOR WORKING WIVES NEXT YEAR.**
MR CLYDESDALE SAID IT WAS ALSO TIME FOR SOME STATEMENT BY THE FINANCIAL SECRETARY ON HIS INTENTIONS IN REGARD TO THE DIFFERENTIAL BETWEEN THE PROFITS TAX ON CORPORATIONS AND OTHER PAYERS OF PROFITS TAX.
"THE ONE AND A HALF PER CENT DIFFERENCE WAS THE RESULT OF ACTION, ONK COULD ALMOST SAY UNNECESSARY ACTION, ΤΟ OBTAIN COMPENSATION FOR REVENUE THAT WAS INTENDED TO BE OBTAINED FROM THE HIGHLY UNPOPULAR DIVIDEND WITHHOLDING TAX PROPOSED BY A FORMER FINANCIAL SECRETARY.
MAINTAINING
THE
*THERE 15 NO REAL JUSTIFICATION FOR DIFFERENTIAL AND WE SHOULD BE AIMING, AS A MATTER OF PRINCIPLE, ΤΟ RETURN TO A STANDARD TAX RATE OF 15 PER CENT FOR ALL.."
ON INDIRECT TAXATION, MR CLYDESDALE SAID HE HAD NO OBJECTION TO DETAILED CONSIDERATION OF THE APPLICATION OF A SALES TAX AT SOME FUTURE STAGE, BUT HE WOULD OBJECT VERY STRONGLY, HOWEVER, IF SUCH A TAX WAS INTRODUCED WITHOUT ANY REAL NEED FOR IT AND AS THINGS STOOD AT PRESENT, HE COULD NOT SEE ANY NEED ARISING WITHIN THE FORESEEABLE FUTURE.
"FT WOULD BE A NEW CONCEPT FOR HONG KONG, QUITE DIFFICULT TO GET STARTED AND TO HAVE ACCEPTED WITHIN A SOCIETY NOT ACCUSTOMED ΤΟ SUCH A REGIME, HE SAID.
"IT WOULD HAVE TO INCLUDE MANY EXCEPTIONS AND IT WOULD BE OPEN TO MANY ABUSES. THE COST OF ADMINISTRATION WOULD PROBABLY BE QUITE HIGH. IT WOULD IMPACT MORK ON THE POORER MEMBERS OF OUR SOCIETY,"
HE SAID AN EXPANDING KCONOMY WOULD PRODUCE ADDITIONAL REVENUE IN REAL TERNS EVERY YEAR OR AT LEAST WOULD SHOW AN AVERAGE REAL GROWTH OVER A PERIOD OF YEARS.
"THE GREATEST