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"This simple philosophy has served us well, and I firmly intend to uphold it," he said.
On a simple tax system, Mr Tsang said the Government wanted to keep down the costs of collection and compliance.
"We introduced, from April 1, 1994, a system of composite tax return for individuals. This was designed to make life casier for the taxpayer as well to reduce the costs of assessment and collection in the Inland Revenue Department," he said.
He added that the Government generally avoided special tax concessions and incentives and did not use fiscal means to achieve social policy objectives.
Despite the low tax rates. Mr Tsang said profits and salaries tax had proved to be very strong and steady sources of revenue thanks to years of economic growth.
Over the past 10 years, their contribution to total revenue (including revenue from land transactions) had increased from 36 per cent to 40 per cent, Mr Tsang said.
"But we are not complacent. We must maintain the real value of the different sources of revenue. And we must ensure that we have as broad a revenue base as possible," he said.
Stressing that Hong Kong's tax regime was predictable, Mr Tsang said certainty was very important to business confidence.
"We will avoid radical change. And will clarity, where necessary, the operation of the law," he said.
End/Monday, April 3, 1995
Domestic helpers featured in 11K Monthly Digest of Statistics
A feature article entitled "Domestic helpers" is published in the March 1995 issue of the Hong Kong Monthly Digest of Statistics (HKMDS).
Employment of domestic helpers becomes popular in Hong Kong. Households requiring domestic service may employ live-in, full-time and part-time domestic helpers depending on their own requirements.
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