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Government welcomes OECD article commending HK's tax system |
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The Financial Services & the Treasury Bureau has welcomed an article by the Organisation for Economic Co-operation & Development commending Hong Kong's transparent tax system and its efforts to comply with international standards on the exchange of tax information (May 10). |
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The article was written by the Director of the OECD's Centre for Tax Policy and Administration in Paris, France, Mr Jeffrey Owens. |
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"Hong Kong has built its position as an international financial centre on the basis of free markets, low tax rates and a transparent tax system. Under the OECD criteria, Hong Kong, China is not considered as a tax haven," Mr Owens said in his article. |
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The Financial Secretary recently announced as part of the 2009-10 Budget plans to align Hong Kong's exchange of tax information arrangements with international standards. |
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Mr Owens said Hong Kong was the first major financial centre in the region to make such a move and other Asian countries had since followed its lead. |
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The Administration briefed the Legislative Council's Panel on Financial Affairs on May 4 on its plan to introduce new laws this year. The legislation will extend the Inland Revenue Department's powers to exchange information with other tax jurisdictions, enabling Hong Kong to extend its network of comprehensive avoidance of double taxation agreements. |
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