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Tax Reform

81.       I pointed out in my last Budget that we must stay alert to the challenges ahead and face up to the long-term pressure on public finances brought to bear by such challenges as a narrow tax base, unstable revenue, economic restructuring and an ageing population.  We launched a public consultation on tax reform last July to explore the best way of broadening our tax base.  The community generally agrees that the Government should stabilise its revenue by broadening the tax base for the purpose of ensuring the health of our public finances and maintaining our competitiveness.  Although the community cannot reach a consensus on the introduction of a Goods and Services Tax, it supports the Government in continuing discussions with the public on other options to broaden the tax base.  We will prepare a report after the conclusion of the consultation period at the end of March and submit it for consideration by the Government of the next term.



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2006 | Important notices

Last revision date : 28 February, 2007