32
WEDNESDAY, MARCH 3, 1993
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IT HAS IMPLEMENTED THE FIRST YEAR OF THE AMBITIOUS PROGRAMME ANNOUNCED BY THE GOVERNOR LAST YEAR. IN ADDITION, THE FINANCIAL SECRETARY HAS PRESENTED A PACKAGE OF ADDITIONAL NEW INITIATIVES WHICH WILL MAKE A MAJOR CONTRIBUTION ΤΟ IMPROVING PEOPLE'S LIVELIHOOD AND TO RAISING THE QUALITY OF LIFE IN AREAS RANGING FROM HEALTH TO ROAD CONGESTION, AS WELL AS IMPROVING THE ECONOMIC INFRASTRUCTURE.
IT FINANCES THESE CONSIDERABLE ADVANCES WITHOUT ANY INCREASE IN TAXATION.
IT WILL REDUCE DRAMATICALLY THE TAX BURDEN ON THE INDIVIDUAL TAXPAYER, PARTICULARLY FOR THE LOWER INCOME TAXPAYERS AND THE "SANDWICH CLASS". IT HAS ALSO BEEN POSSIBLE TO FURTHER SIMPLIFY THE TAX SYSTEM AND STEP UP OUR EFFORTS TO COMBAT TAX AVOIDANCE AND EVASION.
IT HAS TAKEN ACCOUNT OF THE TRANSITION TO 1997 AND HONG KONG'S GROWING ECONOMIC LINKS WITH CHINA.
THE BUDGET HAS BEEN DESIGNED TO MEET THE NEEDS OF THE COMMUNITY AS A WHOLE, WITH A REALISTIC BALANCE BETWEEN NEED TO MAINTAIN A POSITIVE BUSINESS ENVIRONMENT AND OBLIGATION TO THE DISADVANTAGED IN THE SOCIETY,
OUR
OUR
MR MACLEOD SAID OVERALL
HE HAD MADE PROPOSALS WHICH,
IN
THE PERIOD TO 1996/97, WOULD :
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PUT $23 BILLION BACK INTO THE POCKETS OF TAXPAYERS,
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SPEND AN EXTRA $17 BILLION ON IMPROVING THE INFRASTRUCTURE AND THE SERVICES WHICH THE COMMUNITY NEEDS, AND
LEAVE AN ESTIMATED ADDITIONAL $6.8 BILLION IN THE RESERVES IN 1996/97.
GOOD EVENING,
0
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FS GIVES BUDGET SUMMARY ON TV
AFTERNOON,
IT
IN
то I PRESENTED MY SECOND BUDGET THIS
LEGCO. CONTAINED A GREAT DEAL OF GOOD NEWS. I ANNOUNCED SUBSTANTIAL CUTS
OTHER THE AVERAGE FAMILY'S TAX BILLS, AS WELL AS REDUCED TAXATION IN
Ι AREAS.
HAVE PROVIDED FOR MAJOR NEW IMPROVEMENTS IN OUR SOCIAL OF SERVICES, AS WELL AS MAJOR NEW INITIATIVES TO IMPROVE OUR QUALITY LIFE AND TO UPGRADE OUR INFRASTRUCTURE.
5% REAL
GROWTH ECONOMIC
THIS CHEERFUL NEWS REFLECTS THE CONTINUED SUCCESS ECONOMY. 1992 WAS VERY ENCOURAGING, WITH OVERALL ECONOMIC GROWTH
1993, I BELIEVE WE SHALL DO EVEN BETTER IN IN REAL TERMS.
RUNNING AT 5.5%.
OF
OUR
OF WITH
THIS
IS
AN
IMPRESSIVE
PERFORMANCE.
/WE CAN