1
real
2
2.
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4
5
justification
for maintaining
the differential and
we
should be aiming, in my opinion, as a matter of principle, to return to a Standard Tax Rate of 15% for all.
Last
spoke against year, I
the
concept of a Value-Added Tax, and I also expressed doubt about the introduction of a broadly based consumption
nature,
regressive
fax.
Any
and affects
It could and poorer people more than it affects the wealthy.
I am pleased probably would, work inequitably in our society.
has not taken this Secretary the Financial
this revenue into any
into any specific proposal
to the general question of
has suggested
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7
8
consumption
tax
is,
by
its
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10
11
12
to note
possibility for
that
tax
13
year.
J
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15
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17
18
19
20
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22
the
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30 26
certain criteria
that
He
He has however referred to
indirect taxation and should apply to the introduction of any new indirect tax. expresses himself as leaning towards the view that some form of sales tax would best meet these criteria. I have no objection whatsoever to detailed consideration of the application of a sales tax at some future stage. I would object very strongly however if such a tax was introduced without any real need for it, and as things stand at present, I cannot see any real need
foreseeable future.
be It would arising within concept for Hong Kong, quite difficult to get started, and to have accepted within a society not accustomed to such a regime. It would have to include many exceptions and it would be open to many abuses, and the cost of administration would probably be
is
a
new
quite high. it would impact more on the poorer members of our
計 society.
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30
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32
33
ती 36
w w w w
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If we
continue
to receive
sufficient tax from the existing tax system to meet the needs of the public sector, we should not tamper with the system to
out try
ideas new
or to seek to change the proportionate relationship between direct and indirect tax revenues, simply to comply with perceived financial theology, no matter how
exalted the high-priest (or guru In other words, if additional
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