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No Increase in Tax Lead to Future's Deficit

出自香港新聞網 - 樹仁新傳系學生實習習作

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By Poon Wing Yi, 11st March, 2014.


The government's promise not to increase taxes until end of CE's current term in 2017 was the main reason that Hong Kong will face a deficit, Joseph Yau, the President of The Taxation Institute of Hong Kong, said yesterday in an university talk.


The current Budget Plan stated that the rate of Hong Kong's economic growth would slow down and the nominal GDP would only have an average rate of 4.4% growth while the real GDP would grow at around 2.8% per annum only. Based on the above projections, the Working Group on Long-Term Fiscal Planning predicted that the fastest structural deficit would surface in 7 years if the recurrent expenditure on social welfare, education and healthcare would increase 3% per annum.


Also, the Financial Secretary, John Tsang, promised that there will be no increase in tax until end of Chief Executive's current term in 2017. Yau said that the alternative meaning of this promise, which is there will be no increase in the government tax revenue in this coming 3 years. It will be a good news for the citizens only, but not for the government. He believed that this promise will become one of the main reasons, which lead to the future's deficit.


In order to tactic the structural deficit, the Working Group on Long-Term Fiscal Planning had suggested that the government could consider to broaden the tax bases or even increase the types of tax.


In response to this suggestion, Yau said that broaden the revenue base was a big issue for the government to discuss. He suggested that the government finds some ways to stabilize the tax base system and enhances the tax regime to ensure it meets the long-term needs of Hong Kong. --115045 2014年3月11日 (二) 17:20 (UTC)

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