Chapter 10 :
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Objectives
Major Contents- of the Basic Law (5) : Economy and Society
After the lessons, students should be able to:
1.
summarize the provisions of the Basic Law on some major social and economic aspects of the HKSAR; and
2. evaluate how the above arrangements of the HKSAR would
affect the livelihood of the people.
Content Outline
I.
ECONOMY
(1) Private ownership of property
(a) The HKSAR shall, in accordance with law, protect the right of individuals and legal persons to the acquisition, use, disposal and inheritance of property and their right to compensation for lawful deprivation of their property. [Article 105, Para.1]
(2) Independent finances
(a) The HKSAR shall use its
financial revenues
exclusively for its own purposes, and they shall not be handed over to the Central People's Government. [Article 106, Para. 2]
(b) The Central People's Government shall not levy taxes
in the HKSAR. [Article 106, Para. 3]
(3) Independent taxation system
(a) The HKSAR shall practise an
system. [Article 108, Para. 1]
independent taxation
(b) The HKSAR shall, taking the low tax policy previously
pursued in Hong Kong as reference, Own concerning types of taxes, reductions, allowances and exemptions, and other matters of taxation.
enact laws on its
tax rates, tax
[Article 108, Para. 2]
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