Hong Kong Tax News Flash

Oct 2017, Issue 11

New directions for taxation were discussed in the first ever government-held tax summit

The HKSAR Government held a tax summit to explore the new directions for taxation in Hong Kong on 23 October 2017. At the summit, the Financial Secretary revealed the principles that will be adhered to in future tax policy formulation whereas the Director of the Centre for Tax Policy and Administration of the OECD commented on the two tax initiatives recently announced in the 2017 Hong Kong Policy Address (i.e. the two-tier profits tax system and the super tax deduction for research and development expenditure) as well as Hong Kong's implementation of the BEPS project and the Common Reporting Standard.

With the new governance style and the new philosophy in public finance of the current-term administration, we look forward to seeing more supportive tax policies/measures that will assist Hong Kong companies to better capture new business opportunities such as those arising from the growth of the innovation and technology sector, the Belt and Road initiative as well as the Guangdong-Hong Kong-Macao Bay Area (Bay Area) development.

Contact us

Charles Lee

China South and Hong Kong Tax Leader, PwC Hong Kong

Tel: +[852] 2289 8899

Jenny Tsao

Hong Kong Retail and Consumer Tax Leader, PwC Hong Kong

Tel: +[852] 2289 3617

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