The Financial Services & the Treasury Bureau says the proposals put forward in the tax reform consultation document are not meant to be conclusive, adding it will carefully listen to community views before making a recommendation to the Government of the next term.

In response to media enquiries, the bureau today said the proposals are intended to stimulate rational and informed discussion on this subject.

Hong Kong must make good use of the respite provided by the economic recovery to act now so that the city's public finances will be better able to withstand future economic and social challenges, the bureau added.

The city must act now to broaden its tax base for the future prosperity of Hong Kong, the bureau noted, adding this will ultimately affect each Hong Kong resident individually.

Noting the Government is aware of community concerns about the proposed introduction of a goods and services tax in Hong Kong, the bureau said a responsible Government should engage the public in a discussion about this important issue.

As the present economic circumstances are positive, Hong Kong has an opportunity to think clearly about the issue through the consultation process.

The bureau said it does not need to rush into a decision and can take its time to consult, consider and plan the best approach to reform the city's tax base and manage Hong Kong's public finances.