Speaking on Wednesday during a Legislative Council debate on the chief executive's policy address, Hong Kong's Financial Secretary, Henry Tang revealed that there are no plans for major tax cuts in 2004.
"Under the existing tight budgetary constraints of the SAR government, we really don't have any room for tax cuts," he explained, continuing:
"On the other hand, we deeply understand that the economy is taking a turn for the better now. We should not frivolously push forward measures that will hinder this trend."
Mr Tang told the Legislative Council that he intends to honour a pledge to cut government expenditure by 11% to HK$200 billion over the coming five years, and also hinted at the possible introduction of a sales tax and a bond issue.
However, he explained that more detail will be provided when the Budget is unveiled next month.
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