Public consultation exercise on new broad-based taxes concludes

The Advisory Committee on New Broad-based Taxes today (October 6) concludes its consultation exercise on what types of broad-based taxes may be suitable for Hong Kong.

The Committee issued a consultation document entitled "A Broader-Based Tax System for Hong Kong ?" on August 6 to invite public views. As at today, a total of around 240 submissions have been received.

"Tax may not be a popular subject but we are encouraged that many have accepted or call to look at the issues in an open-minded manner. Even though the consultation exercise of the Advisory Committee has come to a close, it would be important that public discussion continues on these issues with long-term implications for Hong Kong," the Chairman of the Advisory Committee, Mr Moses Cheng, said.

He reiterated that the Committee had not take a position on any of the 13 options to broaden the tax base contained in the consultation document.

"We are grateful to those who have offered their views to us in writing, through the meetings that we had in the last couple of months, or in the media. The Advisory Committee will duly analyse the views expressed before preparing its report to the Financial Secretary. While eventual implementation of any tax proposals will be the prerogative of the Government, I have no doubt that the Government will take into account all important considerations before making a final decision on issues such as detailed design and timing of implementation," Mr Cheng said.

Established in June 2000, the Advisory Committee is tasked to advise the Financial Secretary on what types of new broad-based taxes would be suitable for Hong Kong should there be a need. It will submit a report to the Financial Secretary by the end of this year.

Saturday, October 6, 2001

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