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Joseph Yau suggest to introdue GST to broaden tax base

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Joseph Yau suggest to introdue GST to broaden tax base

With the release of the coming year budget by the Hong Kong government, the financial secretary warmed the city could turn into a structual fiscal deficit in 7 years the earliest. The chief of taxation institute suggested to introduce good and service tax (GST) to broaden the tax base.


“It is a common practice to introduce GST like Japan and other Europian countries.” said Joseph Yau Yin-Kwan, the director of taxation institution of Hong Kong. Japan is collecting 5% tax from the good and service and GST occupies 16.7% of the total revenue of the country.


“GST is the fundamental and the most fair tax as people pay for what they spend.” he said. Also, GST is feasible for the government to access and do the budget planning as GST can be predicted by the GDP.


However yau said it will be a big loophole to face when it comes to the real practice. As the companys are required to collect the tax on bahalf of the governemnt, the companies may report a lower tax received from the goods and service and this result will offset each other. The governemnt should investigate smooth tax collecting system and maybe 2% of the GST will be used as the expenditure of promoting this tax.


Regarding to the suggestion of introducing the departure tax, Yau said, it is imappropriate if the departure tax only apply to the mainlanders. Also people should not underestimate that there will be strong oppose from tourism, retail indutry, and student and emplyees who often travel betweem Hong Kong and mainland.

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