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775
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bracket and who have been totally neglected in our Budget provisions. According to the 1986 bi-census, some
112,511 households in this income bracket were non-owner occupiers of the premises in which the census took place.
their
With an income exceeding the waiting/list limit for
public rental housing, most of them have to bear the burden of high rents in private housing. These people
cannot benefit from the 1 per cent tax concession in stamp
for
$500,000 duty from premises costing half a million to $1.5 million which are quite beyond their means to purchase. Instead, waiving the i̟ per cent stamp duty for premises costing
$500,000 less than/half a million dollars would cost the Government Less than $500 million but would induce more lower middle-
income earners to purchase their own homes, fostering in them a sense of belonging to Hong Kong.←
717 Tax allowances for mortgage payments given to home buyers
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among the sandwich class is a further step the Government
should take when the economy proves to be favourable..
Another area of concern in the Financial Secretary's tax proposal is the sales tax, which will hit hard at the low-
Letwork income group caught in a widening taxation net. Indirect taxation that begins with luxury items can easily extend
to daily necessities such as food items, clothing and
} 26 soft drinks, which ultimately affects people's quality of
life and widens the gap between the rich and the poor.
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On the other hand, the token 1 per cent reduction in profits tax, while not making much impact on the business circle, could have been retained. It is thought that the $760 million collected could be spent on social services which would bring immediate benefit to the lower income
group.
36 Similarly, I fully support the call for the Government to
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