Recent comments by a senior Hong Kong government official appear to indicate that the imposition of a sales tax in the territory is highly likely in the coming years.
"We need to revisit the inherent weaknesses of our recurrent tax base, which is narrow, shallow and overly dependent on the direct taxation of income and profits," stated Frederick Ma.
"We have, therefore, started to plan in earnest for the introduction of a broad-based but modest goods-and-services tax in the years to come, once the economy has regained its past robustness and we can minimize its impact on people's livelihood," he added.
Financial Secretary Henry Tang is scheduled to announce the territory’s budget next month. However, a sales tax is unlikely to figure in the government’s plans until the conclusion of an internal study on the effects of such a tax, due for completion at the end of the year.
.
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