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The
2005-06 Budget
I am pleased
that the Financial Secretary accepted the Democratic Party's
proposal on increasing child allowance and introduction of
an allowance for caring dependent parents aged between 55
and 60. However, I am disappointed that the government refused
to revert the salaries tax rates and bands to their pre-2003-04
levels so as to relief the taxpayers' hardship.
For the
IT related budget, I am glad that the government commit to
provide adequate financial resource for rolling out its promised
initiatives. However, other than the new e-government strategy,
I cannot find new ideas to promote innovation and IT development,
and to nurture IT industry as a driving force of the economy
in this budget.
My Cyber
office provides a
full list of IT related expenditure of different departments.
For any comments, please email me at cksin@sinchungkai.org.hk
CK
Sin
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Major
initiatives of the 2005-06 Budget
Building
on Our Strengths and Fostering Growth
- Earmark
$500 million to support the Hong Kong Tourism Board in launching
global publicity and promotion programmes and introducing
brand new tourism products, as wll as to extend the Quality
Tourism Services Scheme, improve customer services and enhance
consumer protection.
- Abolish
estate duty to promote development of our asset management
business.
- Transfer
$200 million and provide an additional $300 million to the
SME Export Marketing Fund and the SME Development Fund to
help SMEs enhance their competitiveness
An
Equitable and Sustainable Society
- Appoint
an independent committee to review existing competition
policy and mechanisms
- Earmark
$830 million for Buildings Department to continue to remove
unauthorised structures, improving the safety and appearance
of old buildings and creating job opportunities.
Taxation
- Introduce
basic and additional allowances at $15,000 each for taxpayers
caring for dependent parents or grandparents aged between
55 and 59.
- Increase
the child allowance from $30,000 to $40,000 per child.
- Study
the introduction of "green" taxes on product responsibility
scheme for waste tyres and plastic bags.
- No
change to existing alcohol duties Launch public consultation
on broadening the tax base through a goods and services
tax
Items
related to IT
sector
The budgets
of the major IT-related bureau and departments are increased,
such as Communications
and Technology Branch of CITB (increased by 33.4 million),
and Innovation
and Technology Commission (ITC) (increased by 16.8 million).
The major
reasons of the increased estimates of CITB and ITC are the
increased provision for the Telecommunications (Competition
Provisions) Appeal Board and the ITU TELECOM WORLD 2006 project,
the increased cash flow requirement for some non-recurrent
items, e.g. Innovation Expo, DesignSmart Initiative, as well
as the increased provision arising from the employment of
non-civil contract staff of ITC.
However,
the estimate of Office
of the Government Chief Information Officer, compared
with the estimate of the former Information Technology Service
Department, is decreased to 543.1 million. (5.5%) because
of several post are transferred to other departments and decreased
in the size of its establishment.
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The Financial Secretary, Mr Henry Tang, delivered the 2005-06
Budget in the LegCo today. His full speech is available here.
For the
Estimates, please visit here.
Budget
Highlight
The Consolidated
Account is estimated to have a surplus of $12 billion in 2004-05
- the first surplus since 1999-2000. After discounting proceeds
from bond issuances, a deficit of $13.4 billion remains.
Estimate
05-06
Expenditure HKD 253.594 billion
Revenue HKD 243.049 billion
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Deficit HKD 10.545 billion
Balance
of Reserve for year 2005-06:
HKD 276.751 billion
Fiscal
balance will be achieved in 2007-08, a year earlier than the
original target. Balance in the Operating Account will be
restored in 2008-09 as scheduled
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LegCo Schedule
March
16: 1st
Budget meeting
The Financial Secretary presents budget in the LegCo.
April
11-14:
Special meetings of the Finance Committee to examine the Estimates
of Expenditure
The Committee will examine the Budget so as to ensure that the Administration
is seeking a provision no more than is necessary for the execution
of the policy concerned. The Administration have to answer the questions
raised by the members.
April
20-21:
2nd Budget meeting
Members speak on the Appropriation Bill 2005 (the Budget).
April
27: 3rd
Budget meeting
The Administration response, and the members will vote on the Appropriation
Bill 2005.
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As an elected legislator, I always love to know your views.
If you have anything would like to share with me, you can
either email me or make an appointment for an office visit
or home visit. Please leave your name, contact number, and
discussion topic via email, and my office will follow up your
request with phone calls accordingly.
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