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  Goods and Services Tax
   
 

63. Members are concerned about our fiscal deficit and have suggested various measures to cut expenditure and raise revenue. In fact, the Government has been reducing the deficit according to set targets and is determined to, and confident of, restoring fiscal balance by 2008-2009. Some Members have suggested the introduction of a goods and services tax as a feasible option to broaden the tax base. We are examining this proposal. In any event, our economy is still at the early stage of post-recovery consolidation. Overseas experience suggests that this is not the appropriate time to introduce a goods and services tax. Therefore, the Government will definitely not implement such a tax in the next two and a half years.


   
 
   
2005| Important notices
Last revision date : January 12, 2005