The Chairman of the Institute's Taxation Faculty Executive Committee as well as the managing Director of Mazars Tax Services Limited says there's a need for a more coherent tax regime in the city amid fierce competition from other countreis.
"Hong Kong's simple tax system with low tax-rate has historically served us well and has been one of the jewels in Hong Kong's crown. However, the revenue legislation has not been reviewed in depth for nearly 40 years. Hong Kong tends to adopt the position reflected in the saying, "if it ain't broke don't fix it." Only piecemeal changes have been made in response to pressure and lobbying from different interest groups..."
"In other words, Hong Kong's attraction as low-tax regime has diminished significantly."
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Credits: Anthony Tam for A+ Magazine, March 2016 issue