13
WEDNESDAY, MARCH 1, 1989
MR JACOBS SAID THE
HOUSING
AUTHORITY AND THE URBAN AND REGIONAL COUNCILS WERE ALREADY WELL ESTABLISHED AND THE NEW HOSPITALS AUTHORITY WOULD BE SET UP NEXT YEAR.
AS A RESULT, IN MONEY TERMS ALMOST HALF OF THE PUBLIC SERVICES WOULD BE PROVIDED BY STATUTORY BODIES OR AGENCIES, INCLUDING THE KOWLOON-CANTON RAILWAY CORPORATION, THE MASS TRANSIT RAILWAY CORPORATION AND GOVERNMENT-SUBVENTED EDUCATIONAL, MEDICAL AND OTHER ORGANISATIONS, HE SAID.
"BUT IT STILL REMAINS NECESSARY FOR THE GOVERNMENT TO EXERCISE OVERALL FINANCIAL CONTROL AND TO SET OBJECTIVES AND TARGETS, HE SAID.
MR JACOBS SAID THAT THE NEW FINANCIAL ARRANGEMENTS HOUSING AUTHORITY HAD COME INTO OPERATION ABOUT A YEAR AGO.
11
FOR THE
FORMULATING ACCOMMODATE
"SIMILAR ARRANGEMENTS WILL BE MADE WITH OTHER BODIES APPROPRIATE TO THEIR INDIVIDUAL CIRCUMSTANCES, AND WE ARE PLANS TO MODIFY THE ROLE OF THE DEVELOPMENT LOAN FUND SUCH ARRANGEMENTS, HE SAID.
то
SALES TAX COULD BRING SIGNIFICANT BENEFITS
THE INTRODUCTION OF A SALES TAX COULD BRING TO HONG KONG SOME SIGNIFICANT BENEFITS AND WOULD PROVIDE SCOPE TO REDUCE SOME EXISTING TAXES, BOTH DIRECT AND INDIRECT, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, SAID TODAY (WEDNESDAY).
DELIVERING HIS BUDGET SPEECH IN THE LEGISLATIVE COUNCIL, MR JACOBS SAID THAT THE TYPE OF SALES TAX BEING EXAMINED WAS A TAX AT THE WHOLESALE LEVEL AND ITS INTRODUCTION WOULD HAVE то BE TIMED.
"AT THE MOMENT WE ARE SUFFERING FROM INFLATION, CIRCUMSTANCES I DO NOT BELIEVE THAT WE ARE YET READY BUT THE PREPARATORY WORK MUST BE DONE NOW," HE SAID.
CAREFULLY
AND IN THESE FOR THIS TAX.
"WE MUST ENSURE THAT PRESENT ADVANTAGES THAT WE ENJOY FROM OUR TAX SYSTEM ARE NOT ERODED OVER TIME.
"MEMBERS WILL BE AWARE THAT THE REST OF THE WORLD IS MOVING TOWARDS LOWER DIRECT TAXES.
MR JACOBS SAID HE WAS CONSCIOUS INTRODUCTION OF A SALES TAX WOULD REPRESENT TAXATION POLICIES.
OF THE FACT THAT THE
FUNDAMENTAL SHIFT
A
IN
"NEVERTHELESS, I