Hong Kong eyes tax incentives new businesses and SMEs

Hong Kong eyes tax incentives new businesses and SMEs

August 10, 2017

It is staying competitive against regional opponents.

A South China Morning post report by Nikki Sun said little and medium-sized business in Hong Kong can anticipate more tax incentives as the administration tries to counter rivalry from regional opponents offering lower rates.

“Despite the fact that the city has been known for its business-accommodating environment and low tax regime for decades, it is losing its competitive edge as the rest of the world is redrawing economic approaches to draw in more business,” the report noted.

To guarantee the city stops losing young talent to provincial competitors, for example, Singapore, South Korea and China, new Chief Carrie Lam Cheng Yuet-ngor, who took up the best job in Hong Kong a month ago, has put tax reform on her agenda. Her organization is currently in the process of figuring two tax policies, which Lam guaranteed in her election manifesto, favoring SMEs and new businesses.

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