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I would like to venture to say that on the matter of tax revenue
taxation revenue too much has been overlooked. First of all, and this
is related to private provident funds. According to the Taxation Ordinance employers' contributions should partly exempt them from profits tax and
employees partially exempt from salaries tax. This is unfair and what is
worse is if retirement schemes are not recognised by Government, then
when the employee gets the lump sum all that will be subject to salaries tax and part of it would be taxed according to the standard rate. Such
an arrangement certainly greatly reduces the protection offered by
So I would like to make two retirement schemes and superannuation.
requests. First of all, we should encourage participation in provident fund schemes through tax exemption. We should legislate to the effect
that employees contributions should be exempt from salaries tax. Secondly, we should provide that all private provident fund schemes
and retirement schemes be approved and monitored by Government.
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pay
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which is
The second matter is related to severance pay. At present severance
received is seen as part of salary because severance pay,
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and therefore taxable income will increase by leaps and bounds
and severance pay will be eroded as a result of the progressive increase
in the tax rate. Severance pay is payable only when the person is
made redundant or when the establishment winds up. Its purpose is to
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wages
compensate for loss as a result of the loss of a job. So the
停
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-There are four functions of Government financing, direct appropriation
of resources, stabilisation of economy, redistribution of wealth and
stimulation of economic growth. Closer economic ties between Hong Kong
and China involves the first two and the last functions and tax involves
the third.
Lastly, the effectiveness of appropriation of resources.
This year
we see an increase in the resources allocated to social welfare, but
most of it finds itself into social security and there is no commensurate
improvement in other areas. The trouble is even though expenditure in
No comments yet.
Private notes are available after approval.