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  • 1 Post By shri
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Vacancy Tax: Bill being rushed through?

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  1. #1

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    Vacancy Tax: Bill being rushed through?

    While it is populist and those most like to suffer will be shareholders (large & small) of the property developers, is it fair that the govt is rushing through yet another bill?

    Abraham Razack said he would write to the president of the Legislative Council demanding more time for scrutiny.

    Razack, of the pro-establishment Business and Professionals Alliance for Hong Kong, said: “When we talk about relations between the executive and legislative branches, does it mean the executive ignoring legislative procedures?”
    “We have called for them not to use the one-size-fits-all approach, particularly for flats priced over HK$10 million (US$1.3 million), ” he said. “But they haven’t listened … what is Legco in eyes of this government?”
    The proposed tax rate is equivalent to two years of rental income, calculated by government specialists and based on market rates.
    https://www.scmp.com/news/hong-kong/...cancy-tax-says
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  2. #2

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    about time, they introduce this tax, developers have been caught keeping apartments empty for years to influence the prices

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  3. #3

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    When it comes to fair/unfair, the measure has been announced almost a year ago and it is now being tabled in LegCo, meaning going through proper channel.. What else Abraham and his gang wants? The gang could keep on delaying with any sort of absurd logic and ask for more time, weather the measure is right or wrong is endless discussion but questioning the fairness is simply shameless when they know they are hoarding flats.. Also the fact that this particular measure has taken longest time compared to all previous cooling measures, where is the rush?


  4. #4

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    Quote Originally Posted by shri
    While it is populist and those most like to suffer will be shareholders (large & small) of the property developers, is it fair that the govt is rushing through yet another bill?
    Absolutely NOT FAIR and NOT RIGHT.

    That LegCo was broken with far too much power with vested interests and the executive disenfranchising the Pro-Liberal law makers sidelining them while they rammed through dodgy or badly written laws to such an extent that the Pro-Liberals only form of engagement was filibustering (imaging if they hadn't - we would now have National Education Laws, Extradition Laws etc).

    The issue is not Mr Shek who represents a very few uber rich families it is that he represents a very few uber rich families. The functional seat voting base should be widened to everyone who works in that industry. It could then be presented to Legco and due process followed.

    The law as it is written is pretty toothless as the developer will still decide when the 6 months start but the 6 months seems a tight time frame. It should be debated in Legco and possibly sent back for improvement.

    Who's next to be purged for this or that? Teachers, Nurses?

    With mass protest about the lack of a democratic system it shows the powers that be (who ever they are) have a tin ear for good governance. Sadly populist moves are popular but that does make them the right thing to do.
    Last edited by East_coast; 20-09-2019 at 06:43 PM.
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