CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Tang Discusses Next Budget

Tang Discusses Next Budget

by Mary Swire, for LawAndTax-News.com, Hong Kong

28 November 2006


In a radio interview this week, Hong Kong Financial Secretary, Henry Tang revealed that he will devise the 2007-08 Budget based on the principle of prudent management of public finances, in order to provide room for the next Chief Executive to launch new plans or policy changes.

Mr Tang explained that he will soon outline budgetary policies for the period from April 2007 to March 2008. He stated that they will be devised from the outset based on principles like "market leads, government facilitates" and "prudent management of public finances".

Revealing that the Hong Kong Government has, through spending control, saved $16.7 billion in the past two years, Mr Tang stressed that he will maintain a strict fiscal discipline and ensure the effective use of resources.

He said when formulating budgetary policies, he will also consider how to boost the economy and create more jobs. The total number of people employed hit a record-high of 3.5 million in October - 310,000 more than three years ago. The most significant growth was seen in import/export, tourism and finance/insurance trades.

On tax reform, Mr Tang explained that the consultation is still ongoing, and more views must be sought from the community.

When asked if it would be possible to see the salary tax revert to the 2002-03 level, Mr Tang observed that the suggestion requires more in-depth consideration. Issues such as the narrow tax base, the level of tax rates and adjustment to the standard rate also need to be taken into account, he added.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »