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Hong Kong's New Chief Executive Believes in a Tax Reform

Written by: Editor

Hong-Kong-New-Chief-Executive-Believes-in-a-Tax-Reform.jpgHong Kong’s newly elected Chief eEecutive, Carrie Lam, stated in her first speech after the election that she plans on following a new tax policy. She highlighted the fact that she does not intend to change the low and simple taxation regime but will look towards introducing new tax breaks. Investors who are interested in Hong Kong company formation already benefit from a very advantageous tax regime. Nevertheless, new tax breaks would further increase the territory’s attractiveness.
 

New Chief Executive, new tax changes

 
The newly elected Chief Executive, Carrie Lam, has made it very clear that her governance will pursue a new tax policy. Though she promised that Hong Kong will remain one of the Asian jurisdictions with the lowest taxation regime, she also said that new tax breaks for R&D expenditure are to be introduced in the near future. Additional tax deductions may also take place for spending on culture, arts, design or environmental protection. The new chief executive said that she wishes to promote these industries.
 
Carrie Lam has also promised a new type of leadership in Hong Kong during her campaign. In February she announced that, if elected, she will lead Hong Kong using a new leadership style, one that would favor public engagement and business facilitation. She also pledged that her governance would be transparent.
 
One of Carrie Lam’s focuses during the campaign was the diversification of the economy, followed by improvements in construction and housing. Investors in Hong Kong who are planning on opening companies in the fields targeted for development can talk to one of our Hong Kong company formation agents. 
 

Taxation in Hong Kong

 
Hong Kong has a low and simple taxation regime. This is why many foreign investors choose it over other jurisdictions like Malaysia or the Philippines. Corporate taxation is levied on the profits derived from the city. A fixed rate applies for companies incorporated in Hong Kong while a lower rate applies to unincorporated businesses. 
 
Those who want to know more about company formation in Hong Kong can contact our experts. We can give you additional information on the taxation regime and specific requirements for foreign investors.

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