7.
necessary
On the other hand, some control and regulation is
: in order to maintain social order and uphold
the law, activities which hinder the maintenance of]
stability and unity must be controlled to some extent.
Examples are laws relating to the regulation of banks and
exchanges, to safety measures in industrial undertakings,
to the prevention of pollution, and to the regulation of public
utilities.
8.
New rules and regulations must inevitably be added
from time to time, especially in difficult and unusual
circumstances. Unless absolutely necessary, hwoever, rules
and regulations should preferably be reduced rather than
increased.
Low Taxation
9.
Everybody recognises that taxation in Hong Kong
is relatively low. But from time to time suggestions are
made that present rates could be increased and still remain
low compared with neighbouring countries. The dividing
line between high and low is one thing; people's confidence
in a low taxation system is another. Confidence is an
extremely important factor to decisions made by investors.
Many countries have had to increase taxes because of
increases in public expenditure.
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