and it cannot be obtained, and
system, then, by
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N24
revenue must
existing
tax
all
possibility of a sales tax, but not until
Remember also that an expanding economy
means,
be obtained from the
consider the
that situation is
5
in revenue
6
7
8
economy
imminent. produce additional
every year, or least will show an average real growth over a period of years. the maintenance of an expanding The greatest contribution to
taxation system. a simple and low-base
will
real terms
at
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10
is been a major strength for Hong Kong and it should be altered only to the extent absolutely necessary.
That has
11
12
Before
moving
from
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14
15
16
this
particular point, I inferred last year that the full impact of tax revenues, flowing from a bouyant economy, would produce a very healthy surplus for 1987/88, which would much enhance Government Reserves already then in excellent shape. Although my expectation was nearer the mark than the modest surplus then projected by the ES recent
Fincenelde Jeene lará reports indicate a final out- I would turn for the year, which should make the 'master blush. now like to infer once again that conditions may well be set
for
year. a repeat performance this current
After all, when
you can sell a small but strategic stretch of sea bed for a sum of $4 billion right at the beginning of your
financial year, things cannot be too bad,
Is there can they?
the incidence of
excess
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18
19.
20
21
(3)
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23
in
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25
any
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C
27
is diminishing?
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29
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32
that
these
thus · far evidence "extraordinary profits" as Sir John Bremridge used to call them
All of this leads me further to 1.5 per cent
suggest that besides the premium rate of tax on corporate profits, the duties on
cosmetics and soft-drinks
should be
removed. As I said two years ago, I was always taught that 33 women and children should come first. There is really no need
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35
36
for discriminatory levies of this nature given the present healthy state of Government finances.
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Private notes are available after approval.