WEDNESDAY, MARCH 16, 1994
THE
GOVERNMENT OBLIGED TO A PROPERTY REVALUATION
*
GOVERNOR, THE RT HON CHRISTOPHER PATTEN, THIS {WEDNESDAY} AFTERNOON SAID THE GOVERNMENT WERE OBLIGED TO A
REVALUATION
OF PROPERTY AND THE COMMUNITY EXPECTED IT TO BEHAVE RESPONSIBLY AND PRUDENTLY OVER PUBLIC FINANCES.
MR
SPEAKING TO REPORTERS AFTER VISITING WONG TAI SIN DISTRICT,
ACCOUNT PATTEN SAID THE REVALUATION TOOK
OF WHAT HAD HAPPENED TO THE VALUE OF PROPERTY OVER THE LAST FEW YEARS.
"NOT TO HAVE A REVALUATION WOULD FRANKLY BE UNFAIR," HE SAID.
"AT THE MOMENT, RATES REPRESENT ABOUT TWO PER CENT OF HOUSEHOLD INCOME. IF YOU ADD THE CONSEQUENCES OF THE REVALUATION, THAT FIGURE WILL GO UP FROM TWO PER CENT TO ALL OF 2.1 PER CENT.'
+
DESCRIBED
AS
HE NOTED THAT IN THE BUGET WHICH "EXTREMELY SENSIBLE" THE FINANCIAL SECRETRY CUT TAXES, INCREASED ISSUES LIKE SOCIAL WELFARE, ANNOUNCED A CONSIDERABLE HONG KONG'S RESERVES AND PUT MORE MONEY ASIDE FOR THE
GOVERNOR THE
SPENDING ON
INCREASE IN FUTURE.
"I THINK THAT IN THOSE
CIRCUMSTANCES, IT DOESN'T MAKE VERY MUCH SENSE FOR US TO THROW AWAY $1.8 BILLION WHICH IS WHAT IT WOULD COST IN ORDER TO MEET SOMETHING WHICH FRANKLY 1 DON'T BELIEVE CONSIDERABLE SOCIAL PROBLEM.
CLEAR
"SO I HOPE THAT EVERYBODY WILL BEHAVE RESPONSIBLY.
"SPEAKING FOR THE GOVERNMENT, I WANT
HONG KONG'S FINANCES.
中国
IS A
ΤΟ MAKE IT ABSOLUTELY
THAT WHATEVER HAPPENS, WE ARE NOT GOING TO BE
IMPRUDENT WITH
MR PATTEN SAID THE GOVERNMENT HAD AGREED AND THERE SHOULD BE A LOW CAP ON THE INCREASE IN RATES.
ACCEPTED THAT
LAST
"WE'VE SET THAT CAP AT 20 PER CENT WHICH IS SUBSTANTIALLY BELOW THE FIGURE FOR INFLATION OF ABOUT 33 PER CENT OVER THE THREE YEARS, THE GOVERNOR SAID.
זד
"So, NOBODY CAN SAY THE GOVERNMENT ISN'T TRYING ΤΟ PROTECT PEOPLE FROM THE VERY MARGINAL CONSEQUENCES OF RATING REVALUATION.'
MR
ON
PATTEN SAID HE FOUND IT VERY SUPRISING THAT SOME PEOPLE THE ONE RAND ACCUSED THE GOVERNMENT OF NARROWING THE TAX BASE WHILE AT THE SAME TIME WERE SUGGESTING THAT THE GOVERNMENT REALLY SHOULD NARROW THE TAX BASE BY NOT LETTING THE REVALUATION GO AHEAD.
THAT
"SO I HOPE THAT WISDOM WILL PREVAIL IN THIS CIRCUMSTANCE AND WE CAN MAKE SURE THAT WHEN WE SPEND MONEY, WE SPEND
TN SENSIBLE AND APPROPRIATE WAYS," HE ADDED.
IT
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