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Financial budget was too conservative

出自香港新聞網 - 樹仁新傳系學生實習習作

在2014年3月10日 (一) 20:07由115081 (對話 | 貢獻)所做的修訂版本
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Senior Now TV financial reporter Chiu Sin-Chun said the financial budget lacked long-term development.

Chiu said the financial budget could not expand the tax base. Since the income of the government is decreasing in these years, Financial Secretary John Tsang Chun-wah was not able to find ways to increase revenue from tax.

He suggested the government can implement regressive tax, those who have higher income should pay more tax. Besides, the government should increase the percentage of its existing tax. For instance, before announcing the financial budget, media have predicted that there will be a huge increase of tobacco tax. Every consumer who buy cigarette should pay at least 30 more dollars for every cigarette. However, there is only a few percentage increase in tobacco tax. On the one hand, it is not effective in increasing the tobacco tax revenue, on the other hand, it does not help people quit smoking.

John Tsang predicted there will be a structural deficit in 7 years. Chiu said the Financial Committee was too conservative.

Chiu criticised the committee did wrong calculation on the production of people. “ 7 people may need to eat 7 rice, but some only need to eat 5 rice. Also, some 7 people may need to eat 11 rice. The committee’s prediction on structural deficit was too conservative”, said by Chiu. Different people have different consumer power, as well as different production power.

In response to such deficit, Chiu analysed Hong Kong lacks foreign investors. They would rather invest in other cities which have huge potentials, like Singapore and Shanghai. Chiu suggested a new tax would be a solution for the government.

The financial budget has put huge consumption on government expenditure. The government would spent approximately 65 billion on education. Medical and health is also another criteria that the government will try hard to improve. --115081 2014年3月10日 (一) 12:07 (UTC)

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