Hong Kong may introduce a broader-based tax system

It may be necessary for the government to introduce a broader-based tax system if recent fiscal deficits become structural in nature to the extent that traditional revenue sources can no longer support spending, analysts said. They said the government could face a year to March budget deficit of up to 65 bln hkd, well beyond its own forecast of a deficit of 3.0 bln and compared with the shortfall of 1.60 bln the previous year as key revenue targets are missed in a very difficult economic environment.

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