HK Financial Secretary Reassures Venture Capitalists On Tax Base
Fresh from attempts to extricate himself from the recent penny stocks fiasco,
Hong Kong's Financial Secretary, Antony Leung Kam-chung sought on Monday to
reassure somewhat larger league investors that the jurisdiction will remain
an attractive location in which to invest. Speaking at a venture capital conference earlier this week, the Financial Secretary
announced: 'Our tax base, or our revenue source right now is territorial in
Asia and there is no intention of the government changing that,' adding that: 'As a matter of fact I have instructed the director of Inland Revenue to study
this issue to ensure that Hong Kong remains a very attractive place for fund
managers, including private equity investors and venture capitalists.' The Hong Kong Standard reported that Mr Leung then went on to stress the benefits
of SAR investment, which in his opinion include its independent judiciary, free
flow of capital and information, favourable corporate tax regime, and 'viable
exit route' for capital. http://www.thestandard.com.hk/thestandard/news_detail_frame.cfm?articleid=34600&intcatid=1
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