TNAG-1728-FCO40-2441-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 221

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DRAFT SPEECH BY HON WONG-PO-YAN;

L LEGISLATIVE COUNCIL 20 APRIL 1988

Budget Debate 1988

MR. WONG Po-yan ( in Cantonese):

Sir,

First of all, I would like to congratulate our Financial Secretary for bringing us a string of encouraging news in his second Budget speech. Apart from announcing a surplus of

$7 billion in the year 1987/88, which, according to latest report, could possibly reach $10 billion, he also pointed out in paragraph

3 of his speech,

(this) will enable me not only to increase

the provision of Government services but also to ease the tax burden on the community

. I really wonder how many places

While unfavourable descriptions

outside Hong Kong can do the same. about Hong Kong are spreading far and wide, this year's Budget is indeed a confidence booster to some panic-stricken locals.

Hence,

we ought to thank our lucky stars that we are blessed with a good Financial Secretary and the supporting evidence that Hong Kong's foundation is as sound as it was before. At the same time, I also want to highlight the marked improvement in the presentation of the

We Estimates and the supporting documents for this year's budget. have found it easier to have a clear picture of the matters of our concern. Now, I would like to put forth my views as follows.

Zo

I. Tax revenue

I agree to the foresight and attitude our Financial

In most cases, careful Secretary has shown in handling the Budget. forward planning is very important and necessary. dismayed at his mention of the idea of introducing a "Sales

However, I am

under the circumstances that there will be a surplus and a

par cint reduction of 1 in the standard tax rates.

fax"

Our Financial Secretary

conveyed this idea with extreme care in paragraphs 49 and 50 of his

Though he pinpointed the fact that such an idea had first

speech.