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[Budget 2020] Chen Maobo: Rakhine government levies goods and services tax

2020-02-28T02:36:08.066Z


The Financial Secretary, Chen Maobo, released a new budget on Wednesday (26th). He said this morning (28th) that he was attending an English-language program in Hong Kong and Taiwan. Although the goods and services tax has advantages, it is common in many overseas countries, but However, it is a regressive tax, which is a heavy burden on the public. If the government levies this tax, it will be easily criticized. He pointed out that the former Financial Secretary Tang Yingnian had in 2006. Because the public had no consensus on this tax, the government stated at that time that it would no longer consider implementing a GST. As for adjusting the profits tax and salaries tax rates, Chen Maobo stressed that it is too early for the Government to consider the competitiveness of Hong Kong's tax system. Some listeners suggested that the government could increase horse racing days and adjust the gaming tax rate. Chen Maobo said that these are all options to consider.


Politics

Written by: Peng Yiwei

2020-02-28 10:28

Last updated: 2020-02-28 10:28

The Financial Secretary, Chen Maobo, released a new budget on Wednesday (26th). He said this morning (28th) that he was attending an English-language program in Hong Kong and Taiwan. Although the goods and services tax has advantages, it is common in many overseas countries, but However, it is a regressive tax, which is a heavy burden on the public. If the government levies this tax, it will be easily criticized. He pointed out that the former Financial Secretary Tang Yingnian had in 2006. Because the public had no consensus on this tax, the government stated at that time that it would no longer consider implementing a GST.

As for adjusting the profits tax and salaries tax rates, Chen Maobo stressed that it is too early for the Government to consider the competitiveness of Hong Kong's tax system. Some listeners suggested that the government could increase horse racing days and adjust the gaming tax rate. Chen Maobo said that these are all options to consider.

Chen Maobo said that although the goods and services tax has advantages and is common in many overseas countries, it is a regressive tax and a heavy burden on the public. (Profile picture / Photo by Zhang Haowei)

Government or non-overseas Hong Kong people's data distribution loopholes

Many listeners are concerned about the details of the government's distribution of 10,000 yuan in cash. Some listeners reported that they learned that Hong Kong permanent residents died overseas, but the Hong Kong government did not have this information, and their family members or trustees could use their bank accounts. I am afraid that someone will use this loophole to receive 10,000 yuan. Chen Maobo admits that I do not know whether the Immigration Department has these data, but the government will pay attention to this when designing the forms.

Chen Maobo also pointed out that the government has started the relevant preparations for the distribution of money and is confident that the application process can be started in the summer vacation. He emphasized that even if the independent distribution of 10,000 yuan is submitted to the Legislative Council Finance Committee, the distribution process will not be accelerated because The banking system still needs time to prepare. He took the national approval of money in 2011 as an example. At that time, it took the bank nearly three months to interface with the government system.

Money restrictions will delay the application process

Some listeners questioned why Hong Kong people can also receive 10,000 yuan after immigration. Chen Maobo said that there are about 6.9 million people holding Hong Kong permanent resident identity cards, but the Immigration Department does not have a record of whether they have emigrated. Many people live in neighbouring cities after they retire. Adding restrictions will delay the entire application process.

In addition, several listeners were concerned about the regulation of heating smoke by government regulations. Chen Maobo said that the Minister of Food and Health Chen Zhaoshi has stated that the regulation of heating smoke is not only a matter of government revenue, but is for the health of the public. Submitted to the Legislative Council for deliberation, the government receives opinions from different people in the community and will consider it again and again.

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Source: hk1

All news articles on 2020-02-28

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