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2012, May 23
2012, May 23 The Hong Kong government will not lower the tax rate on corporate profits, says Chief Executive Donald Tsang Yam-kuen who has backtracked on a re-election pledge to ease the burden on businesses, reports the South China Morning Post.
The chief executive cited the 2008 "financial tsunami" and a looming global recession as the reasons for the government's decision to not lower the tax rate.
During the 2007 elections, Tsang promised to slash the profits tax rate from 17.5 percent to 15 percent "if economic and financial conditions allow," notes the Post.
According to the Post, profits tax revenue rose 26 percent, from HK$72.6 billion (US$9.3 billion) to HK$91.4 billion (US$11.7 billion). Meanwhile, revenue from stamp duty rose from HK$42 billion (US$5.4 billion) to HK$51 billion (US$6.5 billion).
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Maybe the guy should download an invoice template free and do his math again. The tax could be reduced from 17.5 to 15. The global market is still having problems after the last crisis. Things shouldn't be forced like that.