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A 20-year Review of Hong Kong's Tax System and the Way Forward

This article examines the general trend of taxation in Hong Kong over the past 20 years, discusses the areas of the Hong Kong tax system where a review may be required to enhance its competitiveness, and considers the possible future directions of tax reform in Hong Kong. Taking into consideration the evolving domestic economic environment of Hong Kong, the measures put in place by many of its neighbouring countries to enhance their tax competitiveness, and the fast changing international tax landscape, this article identi es the following areas of the tax system in Hong Kong where either close monitoring is required or changes are recommended: (1) the sustainability of the offshore regime; (2) the competitiveness of the corporate tax rate; (3) the use of tax incentives as a tool to foster economic growth; (4) measures to enhance tax equity; (5) broadening the tax base in Hong Kong; and (6) the need for dedicated and specialised resources for tax policy setting that are independent from the tax administration.