Many analysts say Hong Kong’s advantages – proximity to mainland businesses, a robust legal system and its own freely convertible currency – will continue to outweigh the disadvantages. The city remains the key conduit for capital flows into and out of mainland China, accounting for about 70 per cent of the total.

But generous perks for foreign businesses have seen Hong Kong gain a reputation as Asia’s No 1 tax haven, and it remains unclear how the global reform will affect the city’s tax environment.

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