In a report released on 30 April, Hong Kong’s Financial Services Development Council (FSDC) recommended a number of policies, including corporate tax measures and simplified regulatory requirements, to increase Hong Kong’s competitiveness as mainland investors’ first stop for outbound investment.
The high-level advisory body set out 16 policy initiatives for the Hong Kong government to either implement or encourage their counterparts in the mainland to implement.
FSDC’s report recommends that Hong Kong mitigate tax burdens by entering more double taxation agreements beyond the current 32; the report especially recommends pursuing agreements with popular jurisdictions among Chinese investors, such as Russia and India. It also encourages expediting the proposal to have offshore private equity funds enjoy the same profit tax exemptions as offshore funds – and notes that a similar policy already exists in rival destination Singapore.
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