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This, in turn, would lead to higher inflation and would definately hit people's livelihoods. Unlike the more luxurious items such as imp- orted cars and tobacco, daily necessities are a must to maintain a reasonable standard of living. If daily necessities were taxed, people's quality of life would inevitably suffer. Furthermore, as we all know, Hong Kong
crowned has long been the shoppers
the shoppers paradise and enjoys a flourishing tourist industry. Its highly competitive prices have attracted numerous tourists from all over the World. But I must warn that the imposition of a
Sales
fax would not only jeopardise Hong Kong's reputation as a Shoppers Paradise, but would also encourage visitors to turn to other Asian countries with cheaper consumer goods. Hong Kong's tourist industry was the largest earner of foreign exchange last year, bringing in $25,400 million. The Government should thus beware of any actions which may be det-
rimental to the industry.
Hong Kong has enjoyed a double-digit growth rate in the last two consecutive years, and ended the 198788 financial year with a record $10 billion surplus. The Government's finances have now clearly improved, although cap the outlook for Hong Kong's economy is rea- sonably bright, we must bear in mind that the
introduction of a $ales fax would have an
adverse backlash on a buoyant economy in the long run.<
n.
CIn view of these arguements, I feel the need to urge the Government to think twice about whether it would be wise to implement such a
proposal.
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