Hong Kong's Proposed Sales Tax Could Take Years To Implement
According to Moses Cheng Mo-chi, the head
of a committee assessing Hong Kong's tax base, it could take up to five
years to prepare for the introduction of a 3 per cent sales tax which
has proved to be the most controversial of the 13 new taxes proposed by
the committee in August. It is estimated that the tax could bring
in an extra $18 billion to the government's coffers but the proposal
has raised fierce opposition in Hong Kong with accusations that it will
broaden the gap between the rich and poor. Mr Cheng explained to reporters
earlier this week that much of the time would be needed for consultations
with legislators and raising public awareness. http://www.scmp.com/toppage/ZZZ6CHEP1SC.html
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