No Debt High Growth Low Tax

Shepheard Walwyn (Publishers) Ltd

 Governments around the world are wrestling with the problems of enormous debts, low growth, high unemployment and a gap between the demands of public expen-diture and what can be raised through taxation. This problem has been acute since the financial crisis, but has been a hallmark of western economies for decades.Only a few countries have been able to avoid this pattern, mostly those blessed with vast natural resources such as oil. However, there are two small islands with no natural resources which have also enjoyed high growth combined with low taxation: Hong Kong and Singapore. Nor do they have any public debts, in fact, on the contrary, they generally run a budget surplus, and investment income is a feature of their government revenue.Andrew Purves, who grew up on the island of Hong Kong, has gone beyond the conventional analysis of taxation, and asked what each jurisdiction has in common, to bring about this happy state of affairs.The result is quite surprising for two countries which sit at the top of the table for promoting free markets and other capitalist ideals of small government.All land in Hong Kong is owned by the government, who makes it available for use by lease in return for a Government Rent, while Singapore now controls over half of its land area, as well as significant stakes in its strategic industries, which deliver a steady stream of unconventional income. Although in Hong Kong this situation has developed almost by accident, Purves suggests that here lies a model for generating public revenue that could be adopted in other countries to allow a shift in taxation from production and consumption to the Economic Rent of land, as advocated by Adam Smith over two hundred years ago.As a businessman in London, Andrew Purves, is keenly aware of the damaging impact of current taxation on economic activity.
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About the author

Andrew Purves grew up on the island of Hong Kong. He went to school in Edinburgh, and studied Modern History and Politics at London University in the early ’80s. Upon graduating he went into the furniture business, working for Habitat and Liberty of Regent Street. Now with his own business in London, he is keenly aware of the less favourable economic climate in the UK which he attributes to the damaging impact the UK tax regime has on economic activ- ity. In his spare time he teaches Economics at the School of Economic Science in London. 

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Additional Information

Publisher
Shepheard Walwyn (Publishers) Ltd
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Published on
Nov 6, 2015
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Pages
103
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ISBN
9780856834264
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Language
English
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Genres
Business & Economics / Business Communication / General
Business & Economics / General
Business & Economics / Taxation / Corporate
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Content Protection
This content is DRM protected.
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