XN000022-1972-03-16 — Page 25

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Thursday, March 16, 1972

He agreed with the Financial Secretary that Hong Kong had to

fit public expenditure to available public resources; that the present

generation of taxpayers had contributed substantially in recent years

to capital works; gradual abolition of estate duty will encourage

overseas money to continuously flow into the Colony.

These and other points, such as, indirect taxes assuming a

more important role for reasons which are partly non-fiscal; and that

indirect taxation should not bear on industrial costs or on basic cost

of living, Mr. Ann said, would provide the right climate for further

industrial development.

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