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HK-Mainland Cooperation Committee Proposes Tax Break

by Mary Swire, Tax-News.com, Hong Kong

15 December 2015


The Consultative Committee on Economic and Trade Co-operation between Hong Kong and Mainland China has proposed new preferential tax measures, in its report on Hong Kong's future cooperation with the pilot free trade zones (FTZs) in Guangdong province.

The Consultative Committee was formed to cover economic and trade issues between Hong Kong and all regions in the Mainland. However, it has been heavily engaged in studying the implications for Hong Kong of the establishment of the three FTZs in Nansha, Hengqin, and Qianhaig (Shenzhen) in Guangdong, the city's neighbor in the Pearl River Delta region.

The Committee has suggested that Hong Kong should seek to cooperate with the FTZs in a number of service sub-sectors, such as financial services, professional services, logistics, technology, and creative industries.

In that regard, it has proposed that supportive tax breaks should be put in place, including the introduction of preferential corporate income and salaries tax rates for Hong Kong professionals providing services in the FTZs.

"The policies are proposed with a view to attracting Hong Kong people and enterprises to develop at these co-operation zones," the report said.

TAGS: individuals | tax | financial services | corporation tax | China | professionals | tax rates | Hong Kong | tax breaks | trade | individual income tax | free trade zone | services

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