Tuesday 24th October 2017

Dear Reader,

Our second newsletter in three days - but this is important.

NEW ARTICLE
The CE's damaging tax proposals: a better approach
The Government proposes distortive gimmicks and loopholes rather than addressing structural issues. Public expenditure has grown faster than GDP, breaching the Basic Law. Revenues have grown even faster, draining capital from the economy. Time to return it. A flat rate of 10% for Profits Tax and Salaries Tax is entirely affordable. What is R&D anyway? New armies of tax consultants and assessors do not make our economy more productive. (24-Oct-2017)

RECENTLY ON WEBB-SITE
Questions on Teamway (1239) and a bit of soccer
An HKEX decision last week led us to discover an inflated acquisition that looks like a cash extraction exercise, possibly to cover an earlier outlay of "earnest money". A sudden surge in profits of the acquired consultancy coincides with a Chinese takeover of troubled soccer team A.C. Milan, or Rossonori, which prints more red ink than black, and a deeply-subordinated loan to its Chairman. (22-Oct-2017)

And much more besides...
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David M. Webb
Editor, Webb-site.com