XN000022-1989-04-26 — Page 14

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WEDNESDAY, APRIL 26, 1989

SECRETARY FINANCIAL

THAT INDICATED AS THE DOCUMENT ON SALES TAX WOULD SOON BE PUBLISHED AND STUDIED FURTHER BY PROFESSIONAL BODIES AND

A

CONSULTATIVE THAT IT WOULD BE NR OTHER ORGANISATIONS,

MIND ON THIS MATTER

LEE STRESSED THE IMPORTANCE OF KEEPING AN OPEN UNTIL AFTER THE CONSULTATIVE DOCUMENT HAD BEEN FULLY STUDIED.

ΤΟ JUDGE

A

FOR IT WAS NOT UNTIL THEN THAT WE WERE IN A POSITION FOR OURSELVES WHETHER THE INTRODUCTION OF A SALES TAX WOULD LEAD TO FAIRER AND MORE BALANCED TAX SYSTEM, AND WHETHER THERE WAS ANY BENEFIT IN THE SANDWICH TO THE COMMUNITY AS A WHOLE. AND PARTICULARLY THOSE CLASS AS WELL AS THE SMALL MAN, HE CONCLUDED.

DAVID LI ADVOCATES COMPREHENSIVE PUBLIC POLICY FOR HK

* *

TO FORGE A COMPREHENSIVE THE CHALLENGE OF THE 1990S WOULD BE

AND OUR LAISSEZ FAIRE PRUDENCE PUBLIC POLICY THAT COMBINES FISCAL

THE PHILOSOPHY, WITH A COMMITMENT TO DEVELOP ALL OUR HUMAN RESOURCES, HON DAVID LI SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

MR LI SAID THE CHALLENGE SO CONCISELY THAT

SPEAKING DURING THE BUDGET DEBATE WOULD ALSO BE TO STATE THAT POLICY SO CLEARLY AND EVERYONE UNDERSTOOD WHAT HE OR SHE COULD AND SHOULD DO TO HELP BUILD A BETTER HONG KONG,

THE BUDGET

FOR

WAS AN 1989-90

ARTICULATE MR LI SAID THAT

HONG KONG'S FINANCIAL FUTURE, STATEMENT OF A PARTICULAR VISION OF WHICH PUT A PREMIUM ON CAUTION AND EMPHASISED STABILITY.

THAT ONE

IT WAS A CONSERVATIVE BUDGET, SO CONSERVATIVE INDEED MIGHT THINK THE MUCH PREDICTED RECESSION WAS ALREADY HERE, HE SAID.

PROJECTIONS FOR GDP NOTING THAT SINCE 1986, THE GOVERNMENT'S

ANNUALLY, GROWTH HAD BEEN OFF BY AN AVERAGE OF MORE THAN 50 PER CENT MR LI SAID THAT IT SEEMED CLEAR THAT THE GOVERNMENT ECONOMIC FORECASTING AND NEEDED TO UPGRADE ITS CAPABILITY.

TURNING TO

THE MERITS

BUDGET,

HAD PROBLEMS IN

MR LI PRAISED THE OF THE

CAPITAL ALLOWANCES ON QUALIFIED FINANCIAL SECRETARY FOR INCREASING

WELL MACHINERY AND FOR ABOLISHING THE WITHHOLDING TAX ON INTEREST, AS AS THE PROMISE TO INTRODUCE SEPARATE TAXATION FOR MARRIED WOMEN.

HE ALSO COMMENDED THE FINANCIAL PRE-FUND MAJOR CAPITAL PROJECTS AND FOR TAX CUTS.

SECRETARY

ΤΟ

FOR STARTING HIS PRUDENCE IN DISPENSING

"SELF-DISCIPLINE IS NEEDED,

HE SAID,

"RECURRENT

WITH

EXPENDITURE RECEIPTS

тоо FAR OUT OF LINE SHOULD NOT BE ALLOWED TO GROW LIKELY TO COME IN THE LEANER YEARS OF THE ECONOMIC CYCLE."

/MR LI