Transcription of CHAPTER 5 A PROPOSED GST FRAMEWORK FOR …
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CHAPTER 5 A PROPOSED GST FRAMEWORK FOR …
The GST FRAMEWORK - 31 - CHAPTER 5 A PROPOSED GST FRAMEWORK FOR hong kong 77. In proposing a suitable GST FRAMEWORK for hong kong , we are guided by the following principles: simple and certain it should be compatible with our existing low-rate taxation system; fair and equitable it should tax the Government, business and individuals in similar ways; economically neutral it should not cause market distortion nor affect market decisions on resource allocation; efficient and effective it should minimise the administrative costs for the Government and compliance costs for business; and revenue generating it should be able to generate a steady and growing stream of income to meet public expenditure requirements. What are the PROPOSED GST features? 78. A brief summary of our proposal is in Table 4.
The GST Framework - 32 - Proposal Rationale General Features (b) GST rate Low and single-rate A low, single rate is considered appropriate for Hong Kong.
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