WEDNESDAY, MAY 4, 1988
"THUS, INFLATION IN HONG KONG CAN ALSO BE EXPECTED TO FALL IN DUE COURSE, HE SAID.
"SO, THE PRESUMPTION OF 5.5 PER CENT INFLATION FOR THE MEDIUM RANGE FORECAST MIGHT WELL TURN OUT TO BE PESSIMISTIC," HE ADDED.
"NEVERTHELESS, I ACCEPT THAT INFLATION REMAINS A CONCERN.
44
AS TO WHAT THE GOVERNMENT WAS DOING ΤΟ AVOID AGGRAVATING INFLATION, THE FINANCIAL SECRETARY SAID: "THE OPEN, FREE MARKET NATURE OF OUR ECONOMY MEANS THAT THERE IS LITTLE GOVERNMENT CAN DO ΤΟ RESTRAIN INFLATION BEYOND SEEKING TO ENSURE THAT ITS OWN SPENDING AND REVENUE-RAISING ACTIVITIES DO NOT ADD TO INFLATIONARY PRESSURES.
"THIS IS NEVER EASY TO ACHIEVE BUT THE CAUTION UNDERLYING BUDGETARY STRATEGY WAS PARTLY MOTIVATED BY A DESIRE TO ENSURE THAT DID NOT ADD TO INFLATIONARY PRESSURES, HE ADDED.
[
MY
WE
"THE MESSAGE IS CLEAR: IN PRESENT CIRCUMSTANCES THERE 19 LITTLE OR NO ROOM FOR FURTHER REDUCTIONS IN TAXATION OR SIGNIFICANT INCREASES IN SPENDING."
SEPARATE TAXATION FOR WORKING WIVES PROMISED
A FIRM COMMITMENT TO INTRODUCE SEPARATE TAXATION FOR WORKING WIVES AS SOON AS PRACTICABLE WAS MADE BY THE FINANCIAL SECRETARY, THR HON PIERS JACOBS, IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
*
THE
"ADMINISTRATIVE ARRANGEMENTS TO GIVE EFFECT TO THIS COMMITMENT
UP HE SAID WHEN WINDING ARE ALREADY IN PREPARATION,
DEBATE ON APPROPRIATION BILL 1988.
THE TARGET DATE FOR IMPLEMENTATION OF SEPARATE TAXATION WAS 1990, HE SAID.
THERE WERE A NUMBER OF DIFFICULT QUESTIONS ΤΟ BE RESOLVED, то BE COMPLETED. OPTIONS TO BE CONSIDERED, AND TECHNICAL PROCEDURES BUT HE WAS CONFIDENT SATISFACTORY SOLUTIONS COULD BE ACHIEVED CONSULTATION WITH THE OMELCO PANEL ON TAXATION.
NOW NOTING THAT THERE WAS
ALMOST UNANIMOUS SUPPORT COUNCIL FOR THE MEASURE, MR JACOBS SAID HE HAD CERTAINLY NOT THE IDEA IN HIS BUDGET SPEECH AS SOME MEMBERS HAD SUGGESTED.
THROUGH
IN
THE REJECTED
/RATHER, HE