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HE
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Mr, HỌ Sai-chu
Sir, the Financial Secretary, in
(in Cantonese).
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preparing the
1988/89 Budget,
takes into account the rapid
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and
proposes
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feel that not enough has been done. to raise the standard
of
economic growth in Hong Kong in the last
two years, the huge
surplus;, the favourable medium range forecast which estimates concessions in $alary/Tax, continued surplus
Undoubtedly, those who benefit Profits/Tax and Property Tax.
from such concessions in the industrial and commercial sectors, However, even though will definitely welcome the proposals.
the Budget talks about assistance to the manufacturing sector, and additional funds are allocated to enhance new technology, I We all know that in order
industries,
our
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to have advanced equipment
to
one of the
improve
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the
prerequisites is quality of our products, to increase productivity and to solve the labour shortage problem. To bring in new machinery is allowance for therefore essential. In the Budget, however,
increased to produce the necessary depreciation has not been 21 stimulation for manufacturers.
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In
There is
one worrying fact. the long term, the Financial Secretary proposes the widening of the base for indirect
indirect taxation. Many of my colleagues have already given their views, but since this is something that is very important, I would also like to give my views.
fact,
optimistic
This, in
view
holds he
of our
the contradicts prospects. Even though the Financial Secretary explains that I feel that excessive prudence Hong Kong has always be world famous for
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this is just to be prudent,
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verges on pessimism.
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its low taxation, and for being a shopper's paradise.
Lie
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be broaded the indirect tax-base, such
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will have to shoulder the burden eventually.
However low the
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rate may be, the sums add up to a huge amount.
Should
reputation will be
lost. The general public will immediately be affected as they
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