CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Hong Kong Heads Fiscal Freedom Global Ranking

Hong Kong Heads Fiscal Freedom Global Ranking

by Mary Swire,, Hong Kong

16 September 2015

The Hong Kong Government has welcomed the Fraser Institute's ranking of the city as the world's freest economy, based in part on its commitment to low taxation.

Out of 157 countries and territories, Hong Kong and Singapore again occupy the top two positions. The other nations in the top 10 are New Zealand, Switzerland, United Arab Emirates, Mauritius, Jordan, Ireland, Canada, and the United Kingdom. The rankings of some other major countries are the United States (16th), Japan (26th), Germany (29th), South Korea (39th), Italy (68th), and France (70th).

Among the major areas of assessment, Hong Kong ranks first in "size of government," "freedom to trade internationally" and "regulation."

"Size of government" includes variables such as the top marginal income tax rate and the top marginal income and payroll tax rate in each country, and the income threshold at which these rates begin to apply. Countries with high marginal tax rates and low income thresholds are rated lower.

In order to get a high rating in "freedom to trade internationally," a country must run low tariffs, an efficient customs administration and a freely convertible currency.

"The Government attaches great importance to Hong Kong's economic freedom, and will strive to uphold the tradition of the rule of law and an independent judiciary, a small and efficient public sector, and a free and open business and trade environment, which are the cornerstones of Hong Kong's economic success," a spokesman said.

TAGS: United Arab Emirates | tax | Ireland | Mauritius | fiscal policy | tariffs | Singapore | United Kingdom | Canada | France | Germany | Hong Kong | Italy | Jordan | New Zealand | Switzerland | United States | currency | trade | Japan

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »