On Feb. 10, the New Territories Association of Societies (NTAS) met with Financial Secretary Paul Chan to discuss budget proposals for the 2025/26 fiscal year.
During the meeting, the Association urged the Hong Kong government to enhance revenue and reduce expenditures while revitalizing the stock and property markets, promoting event-driven economic growth, and strengthening development momentum to ensure sustainable growth in a turbulent environment.
The Association emphasized the need for adjustments to the "$2 Scheme", suggesting a usage cap or an increase in fare prices to ensure efficient resource allocation. They also recommended raising electric vehicle license fees, noting that current charges are significantly lower than those for low-emission gasoline vehicles. To stabilize the property market, the Association called for comprehensive measures, including lowering stamp duty on property transactions, waiving property rates for first-time buyers for two years, and exploring public-private partnerships for housing development.
Additionally, the Association proposed the construction of a new racing circuit to host Formula races, which could attract tourists and boost local consumption. They also highlighted the potential of enhancing the yacht economy by increasing yacht berths and simplifying customs procedures for yacht travelers. Furthermore, they called for increased support for the film industry through financial subsidies, tax incentives, and the development of film-themed parks modeled after Zhejiang's Hengdian.
To support small and medium-sized enterprises, the Association suggested extending the Pre-approved Principal Payment Holiday Scheme by 12 months to assist businesses in waiting for economic recovery, along with a 50% reduction in profits tax to alleviate the tax burden on SMEs. These recommendations aim to lay a solid foundation for sustainable growth and stability in Hong Kong's economy.
Related News:
'$2 Scheme' waste of public funds, some seniors: 'Not my loss'
Comment