Speaking at the weekend, Hong Kong's Financial Secretary Antony Leung Kam-chung reassured SAR taxpayers that the Goverment is not considering a large tax increase in order to reduce the budget deficit.
'The deficit is not a problem we need to solve right away, but in the medium term,' he told Asia Television (ATV) on Sunday. However, he admitted that: 'the deficit has to be solved, or it will affect international investors' and people's confidence in our economy and financial system.'
The Financial Secretary revealed that the Hong Kong Government is considering changing the way in which it imposes taxes, but refused to comment on whether the authorities are planning to introduce any new taxes, such as land departure taxes or sales levies.
Following the revelation that for fiscal 2000-01, spending on civil servants amounted to more than 65% of total expenditure, Mr Leung suggested that pruning Government structures might be an effective way to cut costs.
'I think merging and reducing the levels and the structure of the Government would be welcomed by our colleagues because it could reduce procedures and enhance efficiency,' he explained.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment