Hong Kong has adopted a 'wait and see' approach to the controversial issue of internet taxes. The Hong Kong Treasury Secretary Denise Yue told the Legislative Council last week that Hong Kong has no plans to tax e-commerce until international standards have been formulated.
She went on to explain that although electronic commerce has a number of implications for Hong Kong's profits tax system, it was also important that Hong Kong's approach to the taxation of profits from electronic business must be consistent with the approach of the OECD and other international trade forums.
"No uniform approach to resolving these and other issues has emerged universally," Ms Yue said. "With globalisation and the disappearing importance of physical boundaries for businesses conducted electronically, it is important for a consensus approach to be developed and adopted by most taxation administrations so that tax revenues arising from businesses conducted through electronic means may be reasonably and equitably assessed and collected by the relevant tax administrations."
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