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  1. Tax relief for home buyers still uncertain

    Posted Oct 29th 2003, 12:00am by Mark O'Neill

    ... to offset the amount they pay in interest against personal income tax. For example, if a home-buyer is paying a monthly mortgage of 10,000 yuan (about HK$9,400) of which 7,000 yuan pays the interest and 3,000 yuan pays the principal, he can claim a deduction of 7,000 yuan on his income tax bill. Industry experts said the proposed measure was less generous than a previous policy that gave ...

  2. Tax reforms are more than a numbers game

    Posted Jul 04th 2003, 12:00am by Staff Reporter

    ... The Ministry of Finance's call for reforms to China's personal income tax system is an indication of a comprehensive overhaul yet to come. Proposals discussed in the past few ... taxation to spur growth by keeping capital gains and income tax rates low in even the highest brackets. As China moves away from an economy dominated by state-owned enterprises ...

  3. Tax fairness

    Posted Sep 02nd 2003, 12:00am by Staff Reporter

    ... of deflation. The finance chief has promised not to introduce a sales tax until after three years, by which time the poor will be unlikely to have seen their incomes rise to a level that would comfortably withstand the burden of a sales tax. Proponents of a sales tax argue that all developed nations have one, Australia being the most recent. But these nations have an income tax scale much ...

  4. Review of salary threshold for tax

    Posted Jul 04th 2003, 12:00am by Staff Reporter

    ... Critics say starting point is too low; change could benefit millions The Ministry of Finance is reviewing a proposal to raise the salary threshold for personal income tax, a move ... adopting a lower tax rate for individuals earning 3,000 to 5,000 yuan a month. However, it did not recommend a specific rate in the report. Under the 1980 Personal Income Tax Law, individuals who ...

  5. Rift looms over income gap

    Posted Nov 18th 2003, 12:00am by Nick Squires

    ... 'The young may resent the tax burden imposed on them to pay for pension and health expenditure on the old,' Mr Macfarlane told a business conference. 'This will particularly ...

  6. Sars outbreak cuts into rural income

    Posted Jul 28th 2003, 12:00am by Staff Reporter

    ... Migrant labourers see earnings fall 26pc in the second quarter year on year The Sars outbreak took a heavy toll on rural income on the mainland during the second quarter of the year, especially among the millions of migrant workers who lost their jobs in cities, according to the National Statistic Bureau. The average per capita income in rural areas for April to June was 412 yuan ...

  7. HK is not ready for sales tax, poll finds

    Posted Nov 27th 2003, 12:00am by Kelvin Chan

    ... salaries tax than a levy on purchases, a survey released yesterday shows. However, they would accept a sales tax if it was implemented along with a cut in income tax, according to the poll ... tax is being studied because the government needs a steadier source of income. A report two years ago estimated that a 3 per cent sales tax would bring in $18 billion a year, equal to 8.4 per ...

  8. A good tax

    Posted Sep 04th 2003, 12:00am by Staff Reporter

    ... income, a goods and services tax (GST) is inherently 'regressive' as the proportion of tax that is paid tends to be lower the higher the level of income. But this is not the only way to think of it. An equally strong argument could be made for GST being a very fair tax as the higher the spending, which tends to be so for the higher income group, the higher the tax paid. ...

  9. The time is ripe to raise utility charges

    Posted Oct 31st 2003, 12:00am by Jake Van Der Kamp

    ... Jake van der Kamp THE HULLABALOO ABOUT not raising taxes that affect people's livelihoods has started again. Financial Secretary Henry Tang Ying-yen has taken up where his predecessor ... cent of total operating revenue. It comprises a wide catch bag of miscellaneous income including such things as market stall fees, company registration fees, net income from prison industries, ...

  10. Unjust tax increases

    Posted Sep 11th 2003, 12:00am by Staff Reporter

    ... unjust. All agree on the urgent need to boost the economy. Introducing a substantial increase in tax for the middle-income sector will further reduce its already low expenditure. My response ... on listening to the public's views makes me wonder how effective this consultation will be. The financial secretary's office emphasises that despite the recent increase in personal income ...




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