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Potential Issues for Hong Kong’s R&D Tax Incentive Policy Formulation

In line with the Hong Kong Government’s recent efforts to use tax policy as a tool to drive economic development, Chief Executive Carrie Lam announced in her Policy Address on 11 October 2017 that the Government would introduce enhanced tax deduction for R&D expenditure in 2018 to boost the development of innovation and technology in Hong Kong. Hong Kong remains one of the most successful economies in the world. However, its efforts to encourage innovation and technology through R&D tax incentives lack the variety and sophistication of some other major economies. This article explores the issues that may need to be examined when formulating R&D tax incentive policy in Hong Kong in order for the policy to achieve its intended goals effectively.