Public Finance

Taxpayers can look forward to lower bills

Entrepreneur Wilson Shea Kai-chuen, with a family of six, will have HK$24,000 more in his pocket this year thanks to the tax rebates. His family is also expecting to pay HK$5,610 less tax next year after an increase in allowances.

Thursday, 2 February, 2012, 12:00am

In a tightspot

When Flashback to February 23, 2011. Financial Secretary John Tsang Chun-wah unveils his 'lai see' budget, so called because it is laden with subsidies and cash offers for Hongkongers. While remembered for its HK$6,000 grant to each permanent resident, the 2011/12 budget was also a potent attack on that persistent income killer: inflation.

30 Jan 2012 - 12:00am

What does Lagarde know about capitalism or fiscal discipline?

As Europe struggles with its debt crisis ... there is a sense at the heavily guarded World Economic Forum that free markets are on trial.'

SCMP, January 26

International Monetary Fund chief Christine Lagarde joined world financial and trade organisation chiefs in warning policymakers gathering at Davos next week against fiscal cuts that jeopardise growth.

29 Jan 2012 - 12:00am

Annual rural-policy ritual goes nowhere

The central government's policies on rural development are not being implemented effectively, say scholars.

Every October since 2004, officials and researchers have gathered behind closed doors at a Beijing hotel to start drafting a lengthy document for release during Lunar New Year.

28 Jan 2012 - 12:00am

Now is the time to buy, says investment chief

Despite renewed market jitters about the euro-zone sovereign debt crisis, US-based investment firm Principal Global Investors says it is a great buying opportunity.

Jim McCaughan, the company's CEO, estimated that there was a 20 per cent of chance of Europe slipping into a deep recession, with some banks failing and countries like Italy unable to roll over debt.

26 Jan 2012 - 12:00am

Fiscal revenue up 24.8pc to record

The mainland's fiscal revenue jumped 24.8 per cent to a record high of 10.37 trillion yuan (HK$12.7 trillion) last year, continuing to outpace growth in economic output and household incomes.

21 Jan 2012 - 12:00am

HK government's deficit forecast again in doubt

There are now questions about the government's earlier forecast of a budget deficit, as accounting firm Deloitte is predicting a HK$60 billion budget surplus for the fiscal year ending in March.

Deloitte's forecast is the polar opposite of the government's estimate of a HK$8.5 billion deficit made in March last year.

20 Jan 2012 - 12:00am

Corrections & clarifications

In the article 'Securing Peace' on page A13 yesterday, it was incorrectly stated that Hong Kong is a member of the World Bank and the International Monetary Fund. We apologise for the error.

18 Jan 2012 - 12:00am

Domestic demands may slow liberalisation of yuan

The internationalisation of the yuan would be slowed by Beijing's need to keep domestic growth robust amid global economic uncertainties, the International Monetary Fund and other market experts said yesterday.

13 Jan 2012 - 12:00am

Two more cities join Beijing in tax on foreigners

Three months after the mainland was supposed to begin levying a new tax on foreign employees, two more cities are preparing to adopt the controversial measure, joining Beijing to make a total of three cities to do so.

9 Jan 2012 - 12:00am

Beijing considers new round of stimulus to increase domestic consumption

Beijing is mulling a new round of stimulus to domestic consumption, with a focus on cars and appliances, to help stem the impact of a fall in exports.

5 Jan 2012 - 12:00am

Beijing moves to clean up problems with local debt

The central government said yesterday it had cleaned up nearly half the 530 billion yuan (HK$649 billion) worth of local government debt from 2010 found to have irregularities during an investigation.

5 Jan 2012 - 12:00am

Tsang is breaking his tax cut pledge at the very worst time

It looks as if Donald Tsang Yam-kuen is going to renege on his promise to cut corporate taxes just when a tax cut is most affordable and exactly when it could do Hong Kong the most good.

It seems a long time ago now, but back in 2007 ahead of his re-election as chief executive, Tsang promised to cut the city's profit tax rate to 15 per cent.

4 Jan 2012 - 12:00am

Wasteful subsidies are not the answer to air pollution or energy price rises

The debate over the proposed increases in electricity prices brings about an interesting dilemma for a crowded city like Hong Kong, and a situation whose time has come.

23 Dec 2011 - 12:00am

Easing expected as inflation slows

A sharp slowdown in inflation on the mainland and the moderation of other economic indicators in November is expected to give policymakers more leeway to loosen monetary policy to promote growth.

10 Dec 2011 - 12:00am