The Business and Professionals Alliance (BPA) on Thursday suggested scrapping all "spicy" property cooling measures and further reducing the stamp duty on stock transfers to stabilise the market.

That's among a range of proposals that the alliance presented to the Financial Secretary ahead of next month's budget.

Speaking to reporters at the Legislative Council, the group also played down the idea of raising taxes or introducing a departure tax to tackle Hong Kong's fiscal deficit.

"The primary objective is to create a harmonious, attractive and competitive business environment for us to really develop our business and make our economy grow. Having additional taxes would definitely diminish our competitiveness as a prime tourist destination," said BPA lawmaker Sunny Tan.

Legislator and executive councillor Jeffrey Lam echoed Tan’s views, adding that a low tax regime is what attracts foreign investors to Hong Kong.

"If we change our tax system every other day, they are not going to come," he said.

"That's why we urge the Financial Secretary not to do it. This is not the right time. There are many ways to increase our revenue, one way is to mobilise everybody to increase investment and employment. Everybody makes more money, then they will pay more tax."

Other measures on the alliance's wishlist included a new development council for fashion and textiles to turn Hong Kong into an Asian fashion hub, and allowing Shenzhen visitors to make multiple trips to the SAR.