Hong Kong Financial Secretary Henry Tang has confirmed that he will not raise taxes in the coming year, preferring to find other measures in order to cut the city’s increasing budget deficit.
In a recent speech, Tang assured the business community that the government would not deviate from the territory’s traditional low-tax environment, indicating that lawmakers are studying alternative ways to trim the budget deficit.
"I believe very strongly in a low-tax regime because that's why Hong Kong has been successful and that's what we will continue to do in the years ahead. I think if we move away from a low-tax base, we will be in real trouble," warned Mr Tang.
The Financial Secretary has also recently announced that he has ruled out a sales tax and additional taxes on salaries and profits for the time being.
According to government forecasts, the fiscal deficit for the current financial year will reach HK$78 billion (US$10 billion).
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