According to Moses Cheng Mo-chi, the head of a committee assessing Hong Kong's tax base, it could take up to five years to prepare for the introduction of a 3 per cent sales tax which has proved to be the most controversial of the 13 new taxes proposed by the committee in August.
It is estimated that the tax could bring
in an extra $18 billion to the government's coffers but the proposal
has raised fierce opposition in Hong Kong with accusations that it will
broaden the gap between the rich and poor. Mr Cheng explained to reporters
earlier this week that much of the time would be needed for consultations
with legislators and raising public awareness.
Albert Lam Kai-chung, Acting Deputy Secretary for Treasury, has said
that Customs and the Inland Revenue will also need between two to three
years in order to prepare for sales tax collection.
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