Written by: Yueting Ting, Zhang Weilun, Hu Xueneng
2020-02-26 14:08Last updated: 2020-02-26 14:16
The Financial Secretary, Chen Maobo, proposed a number of relief measures in the new Budget, including the distribution of 10,000 yuan to every Hong Kong person over 18 years of age. It is expected that the fiscal deficit will reach 139.1 billion yuan in the financial year 2020-2021. . Chen Jinrong, deputy chairman of the Executive Committee of the Institute of Certified Public Accountants, pointed out that the huge fiscal deficit recorded by the government in the next financial year is related to a number of one-off relief measures. Excluding the relevant measures, the fiscal deficit has been greatly reduced.
Chen Jinrong also pointed out that the government predicts that fiscal deficits will continue to occur in the next 4 to 5 years. Considering that the government currently has more than one trillion yuan in fiscal reserves, I believe the situation is still manageable, but we must pay attention to whether the fiscal deficit situation will develop into a long-term trend.
He also pointed out that the government should be committed to open source and reduce expenditure, and open source involves economic development. In the latest budget, the government proposed to reform the limited partner system to promote the development of the asset management industry, while also taking measures to promote the development of scientific research.
Asked whether the government would conduct a sales tax study, Chen Jinrong said that the guild does not currently have a tax reform plan to allow the government to improve revenue growth. As for part of the government's future fund, a "Hong Kong Growth Portfolio" is set up to invest directly in "Hong Kong-related" projects. Chen Jinrong pointed out that it can help enterprises develop and promote employment.
When asked about throttling, Su Guoji, former chairman of the Executive Committee of the Institute of Tax Accountants of the Institute of Certified Public Accountants, pointed out that due to the aging of Hong Kong's population structure, welfare expenditures had increased, so there were constraints on throttling.
Deloitte expects government to support corporate employment
Deloitte China Tax Director Tang Ailun said that he believes that the government's measures of sending 10,000 yuan to the whole people will only bring temporary expenditures to the government. The budget this time provides preferential measures for the insurance industry and private equity funds. The company's investment in Hong Kong and the development of the Greater Bay Area can bring long-term revenue to the Hong Kong government finances.
She said that the budget has both relief measures and emerging measures. It is expected that the government will eventually achieve the purpose of "supporting enterprises and protecting employment".
Accounting Professional Development Fund welcomes sending money to government
Lin Zhiyuan, the proposed convener and former chairman of the Accounting Professional Development Fund's Budget, said that he welcomes the government's measures to send money to the public, reflecting the urgency of the Hong Kong Government.
In the past month, a new type of coronavirus has been raging. The fund believes that the government has failed to control the measures. The measures hesitated by the fund have caused the epidemic to spread rapidly in the community. And vulnerable groups for accountability.
Nine directors of the fund took the lead and unanimously decided to take the lead in donating 10,000 yuan received by each person to the "Accounting Love Alliance" for a total of 90,000 yuan to support grassroots and vulnerable groups.