Senior figures in the Hong Kong government believe that there is room for upward revision of the territory’s economic growth forecast for 2003, but have stated that the timing is not right for the imposition of a sales tax, according to reports this week.
"We are now faced with a very serious deflationary situation and therefore it is the wrong time to introduce a sales tax," Tung Chee-hwa, leader of the city’s government, said at the Asia Pacific leaders’ meeting in Thailand on Tuesday. He went on to explain that consequently, there is no "timetable" planned for the introduction of the tax.
The cabinet has, however, raised its expectations concerning Hong Kong’s economic performance as the city emerges from the SARS crisis. At the height of the epidemic, economic growth forecasts were slashed to 1.5% for 2003. This was then revised upwards to 2% in August, and now Financial Secretary Henry Tang believes the economy will grow by 2.8% this 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