Budget | The Legislative Council resumes second reading Zhang Huafeng approves stamp duty on stocks and indicates abstention

Political situation

Written by: Zhou Haoyi

2021-04-21 12:56

Last update date: 2021-04-21 12:56

The Legislative Council resumed its second reading debate on the "Appropriation Bill 2021" today (21st). During the meeting, many Members were concerned about the increase in stamp duty on stocks in the Budget.

According to Pakatan Harapan Financial Services Councillor Zhang Huafeng, the industry is very disappointed with the government’s increase in stock stamp duty, criticizing the move to weaken the competitiveness of the stock market and reduce the willingness of companies to list in Hong Kong, indicating that they will abstain from voting.

Chen Jianbo, a member of the insurance industry, believes that under the current financial situation of the government, it is impossible to choose to increase taxes in areas that have less impact on people's livelihood.

Wu Yongjia: The impact of tax increase and open source on the business community is irreversible

Zhang Huafeng criticized the government for not knowing enough about small and medium-sized brokerage firms, saying that voters attach great importance to transaction costs. There is a group of "same-day fresh" retail investors in the market who hope to earn hundreds of dollars in daily transactions to help cover living expenses. After tax increase, each transaction needs to pay more. Dozens of dollars, reducing the investment desire of small investors.

According to Pakatan Harapan Wu Yongjia, the government has proposed an unprecedented tax increase in this budget, including the stock stamp duty increase from 0.1% to 0.13%, the first registration tax for private cars and the license fee increased by 15% and 30% respectively, causing an uproar in the industry. .

He said that although the government did not impose new taxes, this time the precedent for tax increases has begun, and the market will inevitably worry about subsequent development.

He pointed out that under the current economic situation, the Financial Secretary, Chen Maobo, has already turned around six times, hoping to increase revenue and reduce expenditure, but it is politically difficult to reduce expenditure. If only through tax increases to increase revenue, the impact on the business community will be huge and irreversible, and it will be detrimental to Hong Kong's business. surroundings.

Chen Jianbo responded that Hong Kong has spent 300 billion yuan in response to the epidemic. In the harsh economic environment, the "Budget" still has sugar pie, measures to help small and medium-sized enterprises, and also proposed electronic consumer coupons, etc., which are quite good "budgets". case".

He is concerned about the rebound of the epidemic in many parts of the world. The government cannot take it lightly and does not want the fiscal deficit to continue.

He also pointed out that he understands that no one wants to increase taxes, but in the face of the current situation, the government chooses to increase taxes in areas that have less impact on people's livelihood, and there is no way out.

Tian Beichen said that he made a bold proposal to distribute consumer coupons and cash at the same time earlier. Because cash relieved the people's cause, consumer coupons can stimulate the economy. In the end, the government only adopted the recommendation of distributing consumer coupons, emphasizing that consumer coupons should require citizens. It will only be effective in the short term. It will depend on the implementation details of consumer vouchers, including the distribution of consumer vouchers in instalments, and decide whether they will support the Budget.

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