Hong Kong's Financial Secretary, Antony Leung Kam-chung hinted this week that the government may consider introducing new taxes or increasing existing ones in order to help the authorities achieve their pledge of a balanced budget by 2007.
Speaking at a question-and answer session of the Legislative Council, the Financial Secretary announced that the government will: 'review all the existing tax rates, study the possibilities of levying new taxes and review all the government charges,' in order to improve the jurisdiction's financial circumstances.
He also revealed that the authorities are looking for ways to rein spending in to below 20% of GDP by 2006/07 (from 22% this year).
'We're now actively considering different cost-cutting measures, including a review of Comprehensive Social Security Assistance and to further cut the number of civil servants,' he explained.
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