Many countries consider
Hong Kong an 'offshore' jurisdiction; the attitude
of the Government however is that the territory
is not an offshore centre in the traditional sense
of the word but rather a low tax area which levies
tax according to the territorial principle. The
tax laws of Hong Kong are extremely simple compared
to other onshore jurisdictions and the fiscal
advantages of operating there could be summarized
as follows:
Tax rates are extremely low by OECD standards.
(See below for further details). Taxation case
law is minimal since the low tax rate means
that the costs associated with challenging a
decision of the revenue authorities usually
outweigh any monetary gain.
Taxes are levied according to the "territorial
principle" meaning that taxes are only
levied on income "derived from or arising
in" Hong Kong and not on income sourced
outside the Territory.
A number of taxes that exist in most jurisdictions
do not exist in Hong Kong.
Thus there are no capital gains taxes, no withholding
taxes, no sales taxes, no VAT, no annual net
worth taxes and no accumulated earnings taxes
on companies which retain earnings rather than
distribute them. In the long term it is intended
to completely phase out stamp duty on the sale
and issue of shares and securities and to reduce
direct taxes further.
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