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Hong Kong Ranked First Again By Heritage Foundation,
by Mary Swire, Tax-News.com, Hong Kong
Friday, January 22, 2010
Hong Kong has been named the world's freest economy for the 16th time in the
annual rankings produced by the Heritage Foundation, a US public policy research
institute.
The Heritage Foundation’s 2010 rankings, using information in the year
to end-June 2009, measure the degree of economic freedom of 179 world economies
by assessing, for example, their business, trade and fiscal freedom, government
spending, investment freedom, and property rights.
It finds, for example, that overall fiscal freedom improved by 0.5 points over
the year. The average top tax rate on individual income is now 29.3%, and the
average top tax rate on corporate income is 25.1%. The average total tax burden
as a percentage of GDP is 23.2%. Since July 2008, it says, 32 countries have
introduced reforms in direct taxes or have implemented tax cuts as previously
planned, despite the challenging economic and political environment caused
by the global economic slowdown.
However, it continues, many of the countries whose scores have dropped have
responded to the economic crisis with policy moves that reduce economic
freedom. In the US, policies or proposals have included more intrusive regulations,
government takeovers of businesses, government subsidies, tax increases,
and protectionist measures to reduce trade. Consequently, the US has dropped
two places in the ranking to eighth, behind Canada. For much the same reasons,
the UK is now out of the top 10 in eleventh place.
Hong Kong maintains its position as the world’s freest economy, a distinction
it has enjoyed for 16 consecutive years. Singapore remains close, ranked as
the world’s second freest economy. Australia and New Zealand, ranked 3rd
and 4th this year, have solidified their position at the top of the rankings.
Hong Kong’s government said that the Heritage Foundation has recognized
Hong Kong's competitive tax regime, respect for property rights and flexible
labor market, coupled with an educated and highly motivated workforce; and
has complimented Hong Kong as one of the world's leading financial and business
centers. Hong Kong has also maintained its status as Asia's second-largest destination
for foreign direct investment.
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