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Right Time to Launch New Taxes

出自香港新聞網 - 樹仁新傳系學生實習習作

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Right Time to Launch New Taxes Reported by WONG Chun-ki, Jamie


President of the Taxation Institute of Hong Kong Joseph Yau commented that it is now the right time to consider launching a new type of tax to broaden the base of government’s income, such as the Goods and Service Tax (GST).

Yau said that the GST should be discussed in this year, “GST is fair as it represents the user-pay principle, which consumers have to pay the tax accordingly.” He further explained that it might be a considerable tax type as it is widely used in many western countries and it is one of the main revenue source in term of a sustainable tax.

On the other hand, Yau indicated that the launching of GST would cause negative impact, for instance, the decrease in purchasing power. Nevertheless, he believed the influence is short-term and the government should consider the long-term benefits.

John Tsang, the financial secretary of Hong Kong, pointed out in the 2014-15 Budget that the structural deficit would appear in 7 years’ time.

Yau also supported the proposal to impose entry tax for visitors arriving Hong Kong as he thought this is a feasible method to broaden the tax base. He added, “However, it is discriminative if the tax is only applying on mainland visitors. It should include all the visitors arriving the city by different means.”--115058 2014年3月12日 (三) 00:51 (UTC)

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