NP
6
7
Kull
8
2
admittedly the figure may be revised upwards in view of the new and I would urge the. considerable and generous concession, in 1988-89.
Financial Secretary to make a commitment to introduce separate taxation
soon as possible in his reply.
3
4
as
5
I shall now come to the highly controversial subject of a broadly based indirect taxation, possibly in the form of sales tax at the wholesale level. It is really recognised that our tax base is extremely small.
#
9
10
It is estimated that maybe only about 100,000 people in Hong Kong our #
•per of a working population of 2.7 million pays more than 65% of all direct
taxes
تکوین
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13
The proportion of direct tax
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up 19
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La 22
ap 23
طور
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6천 29
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Δ
taxation whereas Government has to finance massive and increasing education, medical, social and capital programmes in view of ever growing demand and public aspirations.
twhere
to indirect tax is 60 40 at present. Since many people are enjoying the stability, prosperity and improvement of the environment of Hong Kong are not paying any direct taxes, some forms of indirect taxes may be
down-turn considered, especially in the event of business, turn-down when direct
basi taxes in such narrow ways can no longer be relied upon to finance our future budgets. However, my own feeling is that to have a plan along
for the such lines where rainy days should be considered, but I see no need or
that justification to implement it at once if our forecast can be met, We will continue to have surpluses of over $2 billion through 1990
There is already a polarisation according to medium range forecast.
that of (rich and poor in Hong Kong. I am afraid it is easier said than done to have with the greatest respect a new indirect tax which would
ཞ་ལ་ཚང་བ་ wield at a produce a stable and worthwhile revenue and low tax rate, cause
low tax rate cause minimal atet distortion to the Colony (and should be simple and cheap to administer.
have it
that
economy
To be accepted by the public is even more difficult.
said: to
Edmund Burke once
to tax and to please, no more than to love and be wise is not
}
Though
that
given to man. Therefate, I agree/we
agree we should consider it as a contingent plan, I would, however, ask for extreme caution for its introduction while we have substantial surpluses. Four-direct taxes-are-low-by
•Though world standards, so such line of thought such as the trend in other.
it is countries is to reduce direct taxes and increase indirect taxes, which mostly a
Our direct taxes are low by world standards so
Such argumenty can hardly be accepted by the
line
is merely azero sum game.
of thought
cap.
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