TNAG-1728-FCO40-2441-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 144

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at least. have a thorough review of all possible sources of revenue,

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It is, after all, very important that any far-reaching changes in our tax system should be properly considered and fully argued if they are to obtain the essential public acceptance.

formula now can hardly be said to be self-evident, but if the Financial Cap Secretary is looking for additional ways of increasing revenue, let us

not just a sales tax. Such a review should include non-official

representation.

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NP 9 To sum up, Sir, there is no doubt that in the short term Hong Kong

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makes good progress under full sail through calm waters.

In the

We shall depend upon

the Financial Secretary, like all good ship masters, to keep a very good

I support the motion.

lookout.

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medium term, we may be entering more choppy seas.

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(5) G

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Dr. Ho Kam-fai.

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Dr. HO: Sir, the 1988-89 Budget was termed middle class bonanza by/local/ English newspapers. In fact, the proposals in the Budget brought tax relief and improved services and assistance to all sectors of the community including the elderly and the disabled. Major capital works

to begin in this projects budgetfed

fiscal year amount to $4,355 million, dollars reflecting the Government's long held policy to invest heavily ́ on infrastructural development in order to ensure that our economy will continue to grow with optimum support and that business confidence, locally and overseas, might be bolstered. In a closer analysis, the Budget is a balance of prudence and expansion, of consumption and investment, of tax cuts and increases in fees and charges, and of benefits for the haves and have-nots. While many societies struggle to even out their annual expenditure with revenue, we anticipated estimated overall surplus in the order of $6 billion for the year 88-89

fiscal year.

The Financial Secretary must be congratulated for such сар

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prudent management of public finances, and personal allowances. Cap

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[Among the tax concessions, it has been proposed to increase personal allowance by $2,000 for a single person and by $4,000 for a married couple. If the Financial Secretary wants the middle-income earners to