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  Miscellaneous 2003

The Potential of a Wealth Tax for Hong Kong: A Critical Review and Analysis

Source: Australian Tax Forum Journal Article

Published Date: 1 Jul 2003

 
Although the taxation of wealth has many advantages in theory, and its implementation has been well tested around the world, it has never represented an important element of Hong Kong's taxation system. Indeed, Hong Kong's taxation system has often been criticized as being seriously flawed when judged by several standard taxation criteria. But, it seems to have worked remarkably well in the past by raising sufficient revenue with a minimal taxation burden being placed on its citizens. Nevertheless, the disintegration of the myth of Hong Kong in recent years has opened fertile ground for the introduction of a wealth tax in Hong Kong. Both the Hong Kong government and Hong Kong taxpayers generally accept the need for taxation reform. Certainly, Hong Kong must be ready to consider aggressive taxation changes, even if they might have a significant impact on the general foundation of its taxation regime.
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