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What are the characteristics of a good tax system? Discuss the advantages and disadvantages of the introduction of a broad-based consumption tax in Hong Kong.
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Q: What are the characteristics of a good tax system? Discuss the advantages and disadvantages of the introduction of a broad-based consumption tax in Hong Kong. Introduction From the fiscal year 1998 to 2002, Hong Kong recorded deficit budgets. The former Financial Secretary, Mr. Donald Tsang, projected that the deficit will continue for the next three years (ACNBT, 2001). To alleviate the situation, the Advisor Committee on New Broad-based Taxes (ACNBT) was established to consider and recommend new taxes for Hong Kong so that it can widen the tax base to increase its sources of tax revenue and fiscal incomes. In August 2001, the ACNBT distributed a consultative document titled "A Broader-Based Tax System for Hong Kong". The ACNBT raised nine options for the new taxes. Among all of them, the "General Consumption Tax" was being highlighted as it could yield $18 billion tax revenue by imposing a 3% tax rate. In this...
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