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Hong Kong Liberal Party Presents Budget Proposals

by Mary Swire, Tax-News.com, Hong Kong

14 December 2001


The Hong Kong Liberal Party has presented its budget proposals at a pre-budget meeting with Financial Secretary Antony Leung Kam-chung, urging the government to continue to make the tax system simple and lower property rates and profits tax to help create a business friendly environment.

In a statement released earlier this month, the Liberal Party claimed: 'Our ways of collecting revenue are superior and have given us a competitive advantage, which has been translated into economic success. The government must ... establish a unified licensing mechanism to simplify the existing tedious and time-consuming procedures and reduce the number of licences required to operate a business in Hong Kong.'

The Party's lawmakers also asked Antony Leung not to impose any new taxes and urged government officials to step up infrastructure building projects and raise employment to boost the economy. In addition the Liberal Party also suggests that the administration give employers an incentive, such as tax allowances, to induce them to provide more training to their own staff.

Further tax recommendations include the replacing of the Air Passenger Departure Tax with an Airport Service fee to cover operating costs and provide subsidies, tax allowances or other incentives to encourage car owners to purchase environmentally friendly automobiles in compliance with EU air emission control standards.

Presenting their proposals at a pre-budget meeting with Financial Secretary Antony Leung Kam-chung, the party urged the Government to use its $370 billion reserves to help society in difficult times.

The Liberal Party stated: 'We expect to keep a low and simple tax policy. We hope the government can assist us in exploring opportunities from China joining the WTO and opening its western regions. A budget that can accomplish those objectives is more than an annual fiscal recipe but a road map for the future.'


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