19
Wednesday, February 27, 1974
On fees and charges, the Financial Secretary said we must
vigorously update and keep up to date, our system of fees and chargos
for those goods and services which were not a fair charge to general
tax revenio.
"This means ensuring that the full cost of these goods and
services is covered."
He Luggested that we could not afford to allow social and
political considerations unduly to influence our management of public
utility undertakings.
Our system of licences, he said, must be updated and kept up to
date in terms of what the market will bear.
On general rates, he said we could no longer afford to surrender rate
revenue as a result of postponing revaluations.
The Financial Secretary suggested that there were three ways
in which yields from earnings and profits taxes could be raised: by
increased efficiency in tax administration; by rectifying the eroding
effect of case law on the width of the profits tax base; and by raising
the standard rate of 15 per cent.
On capital revenue, he said we must continue to nurse with great
care our major source, land.
On loans, the Financial Secretary proposed that Hong Kong should
invoke our borrowing rights with the Asian Development Bank.
period.
He said Hong Kong should negotiate further loans over the forecast
He added he would pursue this idea further during the annual
meeting of the Bank's Board of Governors in Kuala Lumpur in April.
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