Writing last week, Hong Kong's Secretary for Financial Services & the Treasury, Frederick Ma revealed that legislation providing for the abolition of estate duty will be introduced into the Legislative Council as soon as possible.
On the Financial Services & the Treasury website, Mr Ma explained that the date that the bill is enacted will be the cut-off date for the duty.
The Financial Services Secretary went on to announce that the move is designed to further boost Hong Kong's development as an asset-management center, predicting that in addition to attracting overseas investment, the measure is likely to boost revenue from stamp duty and other taxes.
When the proposed measure is introduced, Hong Kong will become the only major financial center in Asia to have abolished estate duty, he concluded by observing.
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