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Hong Kong Business Community Supports Wider Tax Base

by Mary Swire, Tax-News.com, Hong Kong

10 October 2001

The Hong Kong Institute of Directors is urging the government to push ahead with its proposals to widen the tax base, including the controversial goods and services tax, despite the sluggish economy. The Institute, which has a membership of around 700 company bosses from the special administrative region, is convinced that the government would risk budget deficits if something is not done about the current narrow tax base.

'Hong Kong's budget deficits are structural rather than cyclical. The Government used to over-rely on income from land sales. If the property sector continues to deteriorate, the budget deficit problem can never be solved,' said Edward Chow Kwong-fai, deputy chairman of the institute.

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