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Taxation summit held


The Government held the Summit on New Directions for Taxation today, attracting more than 400 participants.

 

The summit gathered government officials, business leaders and tax professionals to discuss the formulation of forward-looking tax policies and measures for fostering economic development.

 

Opening the summit, Chief Executive Carrie Lam said: "On the premise of ensuring the health of public finance, the (Hong Kong) Special Administrative Region Government should adopt forward-looking and strategic financial management principles in wisely using our accumulated fiscal surpluses, which are wealth derived from the community, to benefit the community."

 

In her 2017 Policy Address, Mrs Lam laid out a new two-tier profits tax system and additional tax deductions for research and development expenditure.

 

She called on the participants to propose tax measures which will further promote Hong Kong's economic development.

 

Also speaking at the summit, Financial Secretary Paul Chan elaborated on the tax measures launched by the Government in recent years, including the tax incentives for promoting the development of the financial sector and aircraft leasing business.

 

He used these examples to outline the Government's underlying principles in considering different tax policies and measures, saying they must be able to generate economic and social benefits, meet international tax standards, and allow Hong Kong to maintain its existing simple and low tax regime.

 

The summit also featured two discussion sessions on tax initiatives to reinforce Hong Kong's pillar industries and promote the development of a diversified economy.

 

Secretary for Financial Services & the Treasury James Lau said the Tax Policy Unit under his bureau will continue to work with other government bureaus and stakeholders to study tax measures that promote the city?s economic development.


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