Budget reflects the territory's changing scene

Article Abstract:

Hong Kong's Financial Secretary Donald Tsang stated that the territorial government has prepared an estimated HK$15.1 bil budget surplus to help in the reunification process. Hong Kong is also expected to produce an additional HK$31.7 bil budget surplus to continue its economic progress under the Chinese-appointed governing body. Critics denounce the high budget surplus, stating that the amount could have been used to declare substantial tax cuts or increase spending in government programs for the disabled and elderly. Hong Kong's revenue rose by an additional HK$6.6 bil due to the strong sales of government land and taxes on increased stock market volumes.

Finance, Political aspects, Hong Kong-China reunification question, State budgets

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Business leaders hail proposed tax cuts in budget

Article Abstract:

The Hong Kong government has announced plans to implement a new budget which features significant tax cuts to provide citizens a respite from the effects of the regional currency crisis. The tax cuts, which will amount to some HK$100 billion over the next four years, was lauded by the local business community. The plan will also save homeowners some HK$100,000 annually by enabling them to subtract mortgage interest payments from their taxable income. However, some have criticized the plan as deviating from sound fiscal policy and small government.

Tax Reduction, Analysis, Management, Economic aspects, Economic policy, Asia, Taxation, Tax refunds

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Loss of simple tax code?

Article Abstract:

Critics of the proposed new tax system of Hong Kong, which the government unveiled as part of its new budget, believe that it will unnecessarily confound the existing system. The new proposal, which will provide homeowners with about $12,900 in savings annually, was praised by tax accountants, business sectors, and the media. However, some economists feel that the government should not have softened its stand on the tax issue just to please pressure groups.

Tax Law, Evaluation, Tax policy

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