THURSDAY, APRIL 27, 1989
STEPHEN CHEONG CALLS FOR BETTER DEAL FOR MIDDLE-INCOME GROUP
* * *
ANY FURTHER TAX BENEFITS ARISING FROM FUTURE
BUDGET SURPLUSES
SHOULD FIRST BE PASSED ON TO THE MIDDLE-INCOME GROUP, THE HON STEPHEN CHEONG SAID TODAY (THURSDAY).
HE PLEADED THAT CONSIDERATION AND BE ADOPTED IN FOR THE 1990-91 FINANCIAL YEAR.
BE GIVEN DUE SUGGESTION PARTICULAR THIS
FORMULATING THE BUDGETARY STRATEGY
THAT
FUTURE IN THE
APPROPRIATION BILL 1989 LEADING THE SECOND-DAY DEBATE ON THE
SUGGESTED
IN MR CHEONG LEGISLATIVE COUNCIL, IN THE BUDGETS, THERE SHOULD BE NO NEED TO CONSIDER ANY FURTHER CUTS STANDARD RATE OF TAXATION FOR INDIVIDUALS AS WELL AS CORPORATIONS.
EARNERS AS WELL AS HIGH INCOME "IN MY VIEW, BOTH OUR CORPORATIONS OUGHT TO BE CONTENT WITH THE LOW RATE OF TAXATION WE ENJOY," HE SAID.
BENEFITS HE SAID ANY FURTHER SHOULD GO TO THE MIDDLE-INCOME GROUP.
OUR
NOW
ARISING FROM
FUTURE SURPLUSES
AFTER ALL, MR CHEONG SAID, ONE PERCENTAGE POINT CUT IN TAX WOULD NOT MAKE OR BREAK INDIVIDUAL TAX PAYING CORPORATIONS.
PROFITS
PAYERS ABOUT
CENT PROFITS TAX, BUT IF THE OVERALL BENEFIT OF THAT ONE PER AMOUNTING TO $650 MILLION IN A FULL YEAR, WAS PASSED ON TO TAX
ΤΟ $100,000 FROM
$500,000, ANNUAL
RANGING WITH AN
INCOME 300,000 SUCH TAX PAYERS WOULD STAND TO BENEFITS, HE POINTED OUT.
CONCERN OVER THE SURGE OF MOST WORRYING
MR CHEONG ALSO EXPRESSED SERIOUS RECURRENT PUBLIC EXPENDITURE, SAYING THAT THIS WAS THE ASPECT OF THE BUDGET.
OUR
FEW
THE PAST
YEARS MAY NOT BE OF PERFORMANCE "ECONOMIC
COMPONENT AND IF
PUBLIC SECTOR RECURRENT REPEATED EASILY
FROM THE ECONOMY, WE CONTINUES TO DRAW BIGGER PORTION OF RESOURCES
IF AND WHEN THE
TURNS ECONOMY MAY FACE VERY UNPALATABLE PROBLEMS SOUR," HE SAID.
GIVE AN ASSURANCE OF HE HOPED THE FINANCIAL SECRETARY WOULD
MEDIUM FALLING BACK, WITHIN A PERIOD OF TWO TO THREE YEARS, ON TO THE
THE UPPER AS
LIMIT OF ANY FURTHER TERM TREND GROWTH RATE OF GDP GROWTH IN THE PUBLIC SECTOR EXPENDITURE.
A
SHOULD BE CHANCE OF
TURNING TO INFLATION, MR CHEONG SAID THAT HONG KONG PREPARED TO "HIT THIS MONSTER AT ITS HEAD" IF THERE WAS INFLATION RUNNING OUT OF CONTROL.
WRONG BELIEF
AMONG SOME
EASILY
BE
SOLVED BY
HE NOTED, HOWEVER, THAT THERE WAS A
THE
OF INFLATION COULD ILLS QUARTERS THAT REMOVING THE HONG KONG DOLLAR LINK WITH THE U.S. DOLLAR.
/"SUCH A