FSDC holds forum on Hong Kong tax system and stock market regulations

Hong Kong (HKSAR) - The following is issued on behalf of the Financial Services Development Council:

     The Financial Services Development Council (FSDC) and the Open University of Hong Kong today (December 1) jointly hosted a forum to look into the competitiveness of Hong Kong’s tax system and stock market regulations.

     Today’s forum, the 24th event under the FSDC Practitioner Speakers Series, featured the Asia Pacific Tax Leader of Financial Services and Asset & Wealth Management, PricewaterhouseCoopers, Mrs Florence Yip, and Partner of Davis Polk & Wardwell, Ms Bonnie Chan. Both serve as Council Members of the FSDC.

     Mrs Yip is a seasoned tax advisor on initial public offerings (IPO) and mergers and acquisitions involving banks, insurance companies and fund managers. During the forum, entitled "How Much Do You Know about the Competitiveness of Hong Kong Tax System and Stock Market Regulations?", Mrs Yip said that the city's simple tax system and low tax rate gives it a unique advantage in attracting foreign investment.

     However, she added, "While Hong Kong's tax regime may still give it a competitive advantage over other major Asian economies, questions have been raised as to whether Hong Kong can maintain its competitive edge in the longer term as various jurisdictions in the region are consciously enhancing their tax rules with a view to seizing foreign investment."

     Ms Chan, leveraging on her ample experience in IPO transactions, highlighted the important role of Hong Kong as a sound, established listing venue for companies from different sectors to raise funds.

She shared with participants her observations on the development of the capital market of Hong Kong, especially in light of various recent initiatives taken by the securities regulators. "It is time to inject new energies to our market, and we are encouraged to note that the Stock Exchange of Hong Kong Limited is taking a step in the right direction," she said.

     The FSDC's Practitioner Speaker Series is a project developed between the FSDC and local universities, with speakers from the financial services industry giving talks to university students about important industry facts and the skill sets required in developing a career in financial services.

About FSDC

     The Hong Kong Special Administrative Region Government established the FSDC in 2013 as a high-level, cross-sectoral advisory body to engage the industry in formulating proposals to promote the further development of Hong Kong's financial services industry and to map out the strategic direction for development.

     The FSDC set up five committees, namely the Policy Research Committee, the Mainland Opportunities Committee, the New Business Committee, the Market Development Committee and the Human Capital Committee, as the five streams of its work.

Published on: 2017-12-01

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