租金高企蠶食競爭力 稅務優惠治標不治本

<轉載自2017年10月24日 明報 社評>

近年世界各國推出不少稅務措施，促進產業發展，推動經濟投資，特區政府因應形勢，首次召開「稅務新方向高峰會」，希望集思廣益，改革稅務，提升香港競爭力。本港長期奉行的「簡單而低」稅制，會否日漸變得複雜，值得密切留意。政府希望善用稅務優惠支持中小企發展、扶助創科產業，用心雖好，惟香港已是全球最低稅率地區之一，對於不少中小企來說，租金成本愈飈愈高才是最大問題。租金高企損害本港營商環境，蠶食競爭力，稅務優惠只能治標，不足以治本。

維持簡單而低稅制 稅務措施小心拿揑

現屆政府上台百日，已提出兩項稅務新措施，包括「兩級制利得稅」和「研發開支扣稅」，前者旨在減輕中小企稅務負擔，後者希望鼓勵企業增加研發開支，推動創新科技發展。設若立法會順利通過法案，由下一個課稅年度開始，中小企首200萬元盈利的利得稅率，將由16.5%降至8.25%，至於首200萬元符合資格的研發開支，則可獲得300%扣稅。中小企是本港經濟中流砥柱，佔整體企業超過九成，總數達到33萬間，聘請私人企業近一半員工，政府扶持中小企，對於創造就業機會，確保經濟穩定增長，促進多元發展，無疑相當重要，惟必須對症下藥，否則只會事倍功半。

簡單稅制和低稅率，半世紀以來一直是本港營商環境的最大賣點，也是一大優勢，然而今時今日愈來愈多國家嘗試從稅制入手提升競爭力，積極推動科研發展，「積極不干預」思想早已過時，不應抱殘守缺故步自封。政府若能善用稅務優惠措施，對於扶助創科產業發展，可以起到一定幫助，不過引入扣稅等措施，難免令稅制趨於複雜，會否影響現行簡單稅制清晰易明的優點，需要小心拿揑。

特區政府提出以創新思維檢視稅務措施，便利營商，催谷競爭力目標鮮明，可是新措施能否收到預期效果，還須拭目以待。政府估計，「兩級制利得稅」可望令數以十萬計的企業受惠，能夠有更多資金再作投資，又或改善員工福利，然而對於不少中小企來說，新措施只是聊勝於無，可以節省的稅款最多只為16.5萬元，很容易便遭人工或租金升幅抵消，並不能確切解決它們面對的經營困難。

放眼世界，香港稅率之低已是傲視同儕，利得稅最高稅率僅為16.5%、薪俸稅和物業稅率最高為15%，進一步減稅的空間和刺激作用其實有限。有商界人士重提曾蔭權年代承諾將利得稅率降至15％，不過財政司長陳茂波已斬釘截鐵指出，本港標準稅率已相當低，未來醫療等開支有增無減，不能貿然一刀切全面降低稅率，正好說明局限所在。改善本港營商環境，提升長遠競爭力，從稅制入手精益求精固然重要，更重要是改革弊端。稅務措施可以是一支強心針，然而是否治本之藥，值得商榷。

觀乎新加坡等區內競爭對手，不少都有開徵銷售稅又或資本增值稅，稅率也比香港為高，可是並不見得競爭力因此比香港遜色。政府必須先弄清楚本港營商環境真正問題出在哪裏，如果只是因為眼見其他國家減稅，東施效顰，並不能對症下藥。

政府收入依靠地產 租金高企束手無策

近年本港營商環境一大問題是租金太高，高地價和高樓價隱然變成一種「間接稅」，導致企業經營成本愈來愈高，羊毛出在羊身上，市民消費也變相被「抽稅」。租金高企不下，不斷蠶食甚至抵消了低稅率的優勢，政府對此束手無策，一大原因是庫房收入與地產收益緊密綑綁，無法剝離。特區財政收入來源，表面上雖然以利得稅比重最高，惟如果將印花稅和物業稅一併考慮，與房地產相關的政府收入，所佔比重接近三成，較諸利得稅更高。政府對於租金高企情况無能為力，只能「另闢蹊徑」，從稅務入手為中小企提供協助，正正反映情况的荒謬。要改善營商環境提升競爭力，政府不能趨易避難。

本港稅制面對的真正問題，不是稅率未夠低，而是稅基太窄稅種太少，政府收入來源太過集中，利得稅、薪俸稅、印花稅、賣地收益和差餉，合共佔總收入超過七成。近年政府年年錄得巨額盈餘，原因除了理財哲學太保守不肯花錢，也由於房地產市場暢旺，印花稅和賣地收入水漲船高，不過花無百日紅，倘若樓市形勢有變，政府收入有可能大幅波動。隨着本港人口老化，勞動力面臨萎縮，稅基狹窄問題將愈益突出，為了防患未然，政府長遠需要研究擴寬稅基。

Necessity of broadening the tax base in the long run

IN recent years, tax measures have been introduced in countries around the world to promote industry growth and stimulate economic investment. Following the trend, the HKSAR government has convened the Summit on New Directions for Taxation for the first time recently in the hope of drawing on collective wisdom and absorbing all useful ideas to reform the tax code and enhance Hong Kong's competitiveness. However, it deserves close attention whether Hong Kong's "simple tax system of low tax rates", which has been in place for a long time, will become complicated.

One hundred days after it was sworn into office, the incumbent government has proposed two new tax measures, namely "two-tiered profits tax" and "tax concessions for research and development expenditure". The former is aimed at alleviating the tax burden of Small and Medium-sized Enterprises (SMEs), while the latter is aimed at encouraging enterprises to increase research and development (R&D) expenditure so as to promote innovation and technology. If the Legislative Council adopts the bill, starting from the next year of assessment, the tax rate for the first $2 million of profits of an SME will be lowered from 16.5 per cent to 8.25 per cent, while the first $2 million of its R&D expenditure that is deemed eligible will be subject to a 300 per cent tax concession. SMEs are the backbone of Hong Kong's economy. Numbering 330,000, they make up more than 90 per cent of Hong Kong's enterprises and employ nearly half of the people working in the private sector. The government's support for SMEs is of crucial importance to creating job opportunities, ensuring stable economic growth and promoting diversified development. However, the government has to find specific ways to solve problems, otherwise it will be labouring hard to little avail.

The major problem with the Hong Kong business environment in recent years is high rents. Expensive land and flats have become a sort of "indirect tax", pushing companies' operating costs higher and higher. "Wool comes from sheep," as the saying goes. When people spend, they are taxed in effect as well. Rents that remain stubbornly high have whittled away and even offset the advantage of low tax rates. The government has been unable to deal with the situation because its revenue is inextricably entwined with incomes from real estate; they are inseparable. On the surface, profits tax accounts for a larger portion of the government's source of fiscal income than any other tax. However, if we consider stamp duties and property tax together, we can see that government revenues related to real estate in fact constitute almost thirty per cent of the government's income, which is higher than profits tax. Given the government's inability to address sky-high rents, it can only try a different path by providing tax assistance for SMEs. This shows exactly how ridiculous the situation is. But we are convinced that, in order to improve the business environment and enhance competitiveness, the government should not take the easy way out.

The real problem facing Hong Kong's tax system is not that the tax rates are not low enough. It is that the tax base is too narrow and there is not enough variety in tax types. The government's source of income is too concentrated, with profits tax, income tax, stamp duties, land sale revenues and rates altogether accounting for more than 70 per cent of the government's total revenue. The government has recorded huge fiscal surpluses many years in a row. It has been the case not only because its fiscal philosophy is too conservative and it is too miserly, but also because the real estate market has been bullish and stamp duties and land sale revenues have been high. But "all good things come to an end," as the saying goes. If the property market changes, the government's revenues will experience wild fluctuations. As Hong Kong's population is ageing and its manpower is shrinking, the problem originating from a narrow tax base will become even more conspicuous. To prepare for any contingencies, the government has to study the possibility of broadening the tax base in the long term.

租金高企蠶食競爭力 稅務優惠治標不治本

近年世界各國推出不少稅務措施，促進產業發展，推動經濟投資，特區政府因應形勢，首次召開「稅務新方向高峰會」，希望集思廣益，改革稅務，提升香港競爭力。本港長期奉行的「簡單而低」稅制，會否日漸變得複雜，值得密切留意。

現屆政府上台百日，已提出兩項稅務新措施，包括「兩級制利得稅」和「研發開支扣稅」，前者旨在減輕中小企稅務負擔，後者希望鼓勵企業增加研發開支，推動創新科技發展。設若立法會順利通過法案，由下一個課稅年度開始，中小企首200萬元盈利的利得稅率，將由16.5%降至8.25%，至於首200萬元符合資格的研發開支，則可獲得300%扣稅。中小企是本港經濟中流砥柱，佔整體企業超過九成，總數達到33萬間，聘請私人企業近一半員工，政府扶持中小企，對於創造就業機會，確保經濟穩定增長，促進多元發展，無疑相當重要，惟必須對症下藥，否則只會事倍功半。

近年本港營商環境一大問題是租金太高，高地價和高樓價隱然變成一種「間接稅」，導致企業經營成本愈來愈高，羊毛出在羊身上，市民消費也變相被「抽稅」。租金高企不下，不斷蠶食甚至抵消了低稅率的優勢，政府對此束手無策，一大原因是庫房收入與地產收益緊密綑綁，無法剝離。特區財政收入來源，表面上雖然以利得稅比重最高，惟如果將印花稅和物業稅一併考慮，與房地產相關的政府收入，所佔比重接近三成，較諸利得稅更高。政府對於租金高企情况無能為力，只能「另闢蹊徑」，從稅務入手為中小企提供協助，正正反映情况的荒謬。要改善營商環境提升競爭力，政府不能趨易避難。

本港稅制面對的真正問題，不是稅率未夠低，而是稅基太窄稅種太少，政府收入來源太過集中，利得稅、薪俸稅、印花稅、賣地收益和差餉，合共佔總收入超過七成。近年政府年年錄得巨額盈餘，原因除了理財哲學太保守不肯花錢，也由於房地產市場暢旺，印花稅和賣地收入水漲船高，不過花無百日紅，倘若樓市形勢有變，政府收入有可能大幅波動。隨着本港人口老化，勞動力面臨萎縮，稅基狹窄問題將愈益突出，為了防患未然，政府長遠需要研究擴寬稅基。