The New Democratic Party suggested that the government increase the gaming tax rate. He Jingkang, a member of the party's Legislative Council, pointed out that increasing the gaming tax can bring 5.9 billion in additional tax revenue to the government every year when the government is facing a huge deficit. It is a "pretty good" way to increase revenue.
In addition, the Taxation Institute of Hong Kong proposed that the budget to be announced next week should distribute 5,000 yuan of consumption coupons to each eligible citizen.
He Jingkang pointed out that the increase in gaming tax can increase additional tax revenue by 5.9 billion yuan.
(File photo/Photo by Ou Jiale)
He Jingkang said in a TV program this morning (16th) that during the epidemic, the government invested a lot of funds in epidemic prevention and anti-epidemic measures and social support, and faced a huge deficit. According to the "Basic Law", Hong Kong should ensure a balance of income and expenditure. Raising the gaming tax is one of the methods that can be considered.
He Jingkang: Long-term monopoly horses will forget to improve competitiveness
Although the Jockey Club strongly expressed its opposition to the increase in gaming tax, He Jingkang pointed out that there must be voices of opposition. The three charitable funds under the Jockey Club have a total balance of more than 100 billion. It is believed that paying an additional 5.9 billion in taxes every year will not have much impact.
He also pointed out that the horses will monopolize for a long time and forget to improve their competitiveness. He suggested that the introduction of new products, including basketball and Formula 1 betting, etc. should be considered; he also suggested that the government introduce new competition in betting and increase taxes.
Tax Society: Research should be done to expand the tax base
In addition, Liu Zhaohua, president of the Taxation Institute of Hong Kong, pointed out in the same radio program that Hong Kong was affected by the epidemic last year, and it is estimated that this year’s fiscal deficit will exceed 100 billion. Although cross-border commerce and trade are gradually recovering, external factors such as geopolitics and inflation will affect the pace of economic recovery. Small-scale and targeted countercyclical measures are needed.
Liu Zhaohua suggested exempting eligible citizens from stamp duty on first-time home buyers and increasing the amount of salaries tax exemptions to improve people's livelihood; providing tax deductions for companies that hire overseas talents, or providing rent relief or subsidies for overseas people working in Hong Kong, etc. To attract more overseas talent to Hong Kong.
She believes that Hong Kong's tax system is simple, but the tax base is narrow, and tax revenue is easily fluctuated by changes in external factors. She suggested that the government continue to explore the expansion of the tax base, including the introduction of new taxes or levies.
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