G.F. 316
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developer indicates a firm interest (42).
(42). I I expect, after sharing, net revenue of $415 million from auction and tender, $780 million from private
from private treaty grants and $80 million from modifications and regrants. Of the total net estimated revenue from land transactions in 1985-86 of $1.7 billion, $425 million is in respect of instalment payments on previous sales.
Revenue Measures
79.
I turn now to new revenue measures. The intention is to finance the ostensible deficit of $2.2 billion by drawing $1
billion from free fiscal reserves and by finding the balance from increased revenue. I need now to explain the rationale underlying the various measures which I shall propose in order to raise the necessary net $1.2 billion. No taxpayer likes additional tax burdens, unless they are placed on others while
he derives the benefit. I believe, however, that there is
general support for a steady return to balanced budgets. We are therefore discussing means not ends.
80.
Firstly, it is important that the community as a whole understands that equity and efficiency are guiding principles. Budgets are not just a string of figures.
81.
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Secondly, manufacturers, exporters, traders, bankers, the work force indeed all who create wealth for Hong Kong must not be discouraged.
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(42) Land sales being defined so as to include land disposed of by tender in exchange for Letters A/B, the lots themselves being either drawn from newly formed and serviced land or from areas released from other uses (e.g. open storage let on short-term tenancies). The programme envisages
Industrial
Non-industrial
Total
1984-85 1985-86
1984-85 1985-86 1984-85 1985-86
(Hectares)
(Hectares)
(Hectares)
Urban
areas
3.0
3.2
11.9
12.7
14.9
15.9
New
Territories
14.6
15.1
31.8
48.9
46.4
64.0
17.6
18.3
43.7
61.6
61.3
79.9
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