The government will consider the impact on residents regarding whether to introduce more tax levies to reduce the high financial deficits, said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.
Asked about whether to widen the tax base in a radio program, Hui responded that the Hong Kong government will take into account the potential impact on the residents and the principle of users paying for themselves.
Hui added that the authorities will deploy various measures to increase revenues and control costs.
The government’s deficits are projected to hit about HK$100 billion for the current financial year through March, jumping from the estimated HK$48.1 billion at the beginning of the period.
Meanwhile, the coming Asian Financial Forum will see significantly higher participation from overseas markets, said Hui in the same program.
Hui said Hong Kong needs to stand out to provide various countries with communication opportunities amid a globally diverse new order and a platform to think about how to diversify investments
As people do not know which market will outperform, they need to know how to position themselves and make good international asset allocation, which coincides with Hong Kong's strengths, Hui noted.
The AFF will be held on Jan 13-14 in Hong Kong.
(Themis Qi)
