- 71.
And what have we done on taxes? Well, we've made some improvements, but we have not changed the fundamentals at all. There are some minor increases in fuel and tobacco duties to keep up with inflation. And Air Passenger Departure Tax will be back up to $100. But none of this should affect the ordinary citizen very much.
On the concession side, once again we've been able to be generous with increases in personal allowances well above the rate of inflation. Some 95% of salaries taxpayers will benefit from these changes. We have cut stamp duty to help home buyers. Also some fine tuning of profits tax to keep us competitive as one of the world's top financial centres. We have also helped the hotel industry. We have introduced incentives to get old cars off the road and reduce air pollution. Apart from that, it's very much a case of steady as she goes. Wherever I go in the world, people always tell me how much they admire our tax system: low, simple, predictable. 1 think the lesson for us is clear. When you've got it right, don't tinker.
There was one more message that I wanted to put across this afternoon. That is, a message about Hong Kong's future. I've tried to look ahead over the next five years and into the next century. And I've tried to lay the groundwork so that our economy continues to grow and we can continue to thrive. That means recognising the changes that have already taken place in our economy, and will continue to take place. Then preparing ourselves, both institutionally and as individuals, to make the most of the opportunities that lie ahead.
I announced plans for a science park, and other measures to upgrade our manufacturing industry. I also put forward a whole series of initiatives to support our service industries. And I gave priority and provided cash to upgrade our human skills in such areas as languages. So that we Hong Kong people will be ready for the new employment opportunities that await us.
Great
And, of course, underlying that message is another one: we Hong Kong people are looking to the future calmly, with confidence and with determination. changes, great challenges lie ahead. But we are ready to face them.
Thank you, and good night,
End