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Title: Tax measures to plug hong kong's fiscal deficit
Authors: Cheung, D
Wong, P
Keywords: Budgets
Fiscal policy
Tax revenues
Tax base
Issue Date: 2003
Publisher: W G & L Financial Reporting & Management Research
Source: Journal of international taxation, 2003, v. 14, no. 3, p. 36-42 How to cite?
Journal: Journal of international taxation 
Abstract: On October 24, 2002, Standard & Poor's cuts its AA-rating for Hong Kong's long-term local currency from stable to negative, reflecting the territory's persistent fiscal pressures. It predicts that Hong Kong's fiscal deficit for the current financial year will hit HK$63 billion. Government expenditures for the 7 months ending October 2002 totaled HK$139.2 billion, while the revenue stood at HK$66.8 billion. Chief Executive Tung Chee Hwa believes there are 3 ways for Hong Kong to move forward: reduce expenditures, introduce new taxes, and keep the economy growing. The following measures would broaden the tax base and increase revenue: 1. boundary facilities improvement tax, 2. duty on soccer betting, 3. foreign maid levies, 4. reduction in personal allowances under the salaries tax, 5. increasing profits tax rates, 6. increase in government rates, and 7. goods-and-services tax.
ISSN: 1049-6378
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