Raising taxes 'inevitable' as population ages: HK official
Hong Kong
HONG Kong will likely need to raise taxes and introduce new levies as an aging population is increasing public expenditure, according to the city's top financial services official.
"Facing a fiscal gap brought on by an aging population, raising taxes is inevitable," K C Chan, Secretary for Financial Services and the Treasury, said in his blog on Sunday. His remarks came after the government started a six-month public consultation last month to identify ways to enhance retirement protection.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Laid-back vibe, stunning beaches, rich cuisine and low cost of living lure more expat retirees to Malaysia
Vietnam tycoon appeals against US$27 billion fraud death sentence
US announces new restrictions on firearm exports
Central banks will probably only cut half as much as they hiked
US consumer sentiment falls as inflation expectations climb
HSBC wins £1.3 billion suit over Disney film finance scandal