Hong Kong Legislators Meet To Discuss Tax Solutions
Many and varied suggestions for reducing Hong Kong's burgeoning budget deficit
were raised at a meeting between Financial Secretary, Antony Leung Kam-chung
and lawmakers from several of Hong Kong's political parties, held on Wednesday
to canvas ideas for the 2003-04 budget. According to a report in the Hong Kong Standard on Thursday, representing the
Frontier Party, Emily Lau and Cyd Ho suggested tax increases to boost revenue,
proposing that: 'The government could introduce a progressive profit tax, or study the feasibility
of adopting a double tax system which would tax local residents who worked or
earned income from outside the SAR,' Ms Lau additionally proposed that the authorities
conduct a review of salary tax levels. Independent legislator Audrey Eu, meanwhile, recommended that an environmental
protection tax and a border tax should be introduced, and that the profits tax
should be increased by 1% to 17%. However, she stated her opposition to the
possibility of further civil service tax cuts. The New Century Forum supported Ms Eu on the need for a 17% profits tax, but
added that this should only be levied on businesses earning more than HK$10
million in profit. According to the HK Standard, the New Century representatives
also recommended that income tax allowances be lowered in line with inflation,
and that a HK$500 monthly job tax be levied on expatriate workers. .
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