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The study is by Lilian Chan, a Hong Kong native who currently [December 2014] lives in San Francisco; this study presents the Hong Kong government's economic policies as compared to the MIEPA list of policies as outlined above. The ratings herein are based on the following rating scale:
RATING SCALE
5.0 Perfect Facilitation of Wealth Creation
4.0 Midway between Perfect and Neutral
3.0 Neutral Effect on Wealth Creation
2.0 Midway between Neutral and Obstructionist
1.0 Perfectly Obstructionist to Wealth Creation
[Rating scale copyright Mike P. McKeever, 2013. Used herein with permission]
To read a disclaimer about the analysis in this file, scroll to the bottom of the file.
HONG KONG - LILIAN CHAN
HONG KONG: ECONOMIC POLICY ANALYSIS BASED ON MIEPA POLICY LIST
RATING SUMMARY
POLICY NUMBER RAW SCORE ADJUSTED SCORE POSSIBLE PERCENTAGE
1 5.0 15.0 15.0 100 %
2 3.0 9.0 15.0 60
3 4.0 12.0 15.0 80
4 5.0 15.0 15.0 100
5 5.0 15.0 15.0 100
6 5.0 15.0 15.0 100
7 5.0 15.0 15.0 100
8 4.5 13.5 15.0 90
9 2.0 6.0 15.0 40
10 2.0 6.0 15.0 40
11 1.0 3.0 15.0 20
12 4.0 8.0 10.0 80
13 4.5 9.0 10.0 90
14 5.0 10.0 10.0 100
15 5.0 10.0 10.0 100
16 2.5 5.0 10.0 50
17 5.0 10.0 10.0 100
18 5.0 10.0 10.0 100
19 5.0 10.0 10.0 100
20 4.5 9.0 10.0 90
21 4.5 9.0 10.0 90
22 5.0 10.0 10.0 100
23 5.0 10.0 10.0 100
24 5.0 10.0 10.0 100
25 1.5 3.0 10.0 30
26 2.5 5.0 10.0 50
27 5.0 10.0 10.0 100
28 1.0 2.0 10.0 20
29 4.8 4.8 5.0 96
30 2.0 2.0 5.0 40
31 3.0 3.0 5.0 60
32 4.0 4.0 5.0 80
33 5.0 5.0 5.0 100
34 5.0 5.0 5.0 100
TOTAL 135.3 288.3 365.0 79.0%
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HONG KONG: INDIVIDUAL POLICIES
1. Freedom from internal control 5.0
Under basic law Chapter 3 Article 28 The freedom of the person of Hong Kong residents shall be inviolable. In Article 31 it is also stated that Hong Kong residents shall have freedom of movement within the Hong Kong SAR and freedom of emigration to other countries and regions. Hong Kong residents would have the freedom to travel to anywhere to do business given that they have a visa from the country they are traveling to. However there is a visa-like pass needed for Hong Kongers to travel to mainland China, but the pass is very easy to get and it’s fairly cheap so it does not hinder Hong Kong’s residents ability to travel.
1. http://www.basiclaw.gov.hk/en/basiclawtext/chapter_3.html 2. http://www.basiclaw.gov.hk/en/basiclawtext/chapter_2.html
2. Freedom of Speech 3.0
Under Basic Law Chapter 3: Fundamental Rights and Duties of the Residents, Article 27 states that Hong Kong residents shall have freedom of speech, of the press and of publication. While it is true that no law restricts the freedom of speech of Hong Kong residents, more and more Hong Kong citizens are practicing self censoring as the ties between Hong Kong and China grows. A huge pro-democracy supporter and the owner of Apple Daily, a popular newspaper in Hong Kong had a car rammed into his home with meat cleaver and an axe left outside his gates. While the former editor of Ming Pao, another popular newspaper in Hong Kong was nearly killed after a brutal knife attack. As more and more of these stories surfaces, many believe these are linked and was done by the Chinese (China PRC) government.
1. http://www.npr.org/blogs/parallels/2014/07/16/331586762/violence-and-other-threats-raise-press-freedom-fears-in-hong-kong 2.http://www.npr.org/blogs/parallels/2014/10/17/356716672/free-speech-in-hong-kong-then-and-now 3.http://www.bbc.com/news/world-asia-china-26478495 4.http://www.basiclaw.gov.hk/en/basiclawtext/chapter_3.html
3. Effective, fair police force 4.0
Hong Kong’s police force is generally very effective, making Hong Kong 5th safest nations in the world (tie with Kuwait) averaging 0.4 homicides per 100,000 people. 27 died by homicide in 2012 with a population of 7 million people. Although the Hong Kong Police force is effective, there are times where they are unfair. Even though the police force stood by their decision to use tear gas at least three times towards thousands of protesters on September 28th 2014 during the “Umbrella Movement”, despite the fact the only warning used before unleashing the tear gas was a sign lifted for mere seconds before tear gas were employed.
1. http://hk.apple.nextmedia.com/realtime/news/20140928/52953973 2. http://www.scmp.com/news/hong-kong/article/1603350/police-fire-tear-gas-and-baton-charge-thousands-occupy-central 3. http://www.censtatd.gov.hk/home/ 4. http://www.cityam.com/1414945475/hong-kong-murders-city-still-one-safest-places-earth
4. Property rights 5.0
Under the Basic Law of Hong Kong article 6, the Hong Kong Special Administrative Region shall protect the right of private ownership of property in accordance with law. Also under the Basic Law, article 105 states that the HKSAR shall, in accordance with law, protect the right of individuals and legal persons to the acquisition, use, disposal and inheritance of property and their right to compensation for lawful deprivation of their property.
1. http://www.doj.gov.hk/chi/public/basiclaw/basic12_2.pdf 2. http://www.gov.hk/en/about/abouthk/factsheets/docs/basic_law.pdf
5. Commercial banks 5.0
Hong Kong has a very high concentration of banks within its borders. In fact, seventy out of a hundred of the largest banks in the world have a branch in Hong Kong. Hong Kong implements a three tiered banking system, which all the banks are collectively known as the authorized institutions. It consist of Licensed banks, restricted licence banks and deposit taking companies. All of the banks are regulated and supervised by the Hong Kong Monetary Authority which authorize, suspend and revoke authorized institutions.
1. http://www.hkma.gov.hk/eng/key-functions/banking-stability/banking-policy-and-supervision/three-tier-banking-system.shtml 2. http://en.wikipedia.org/wiki/List_of_banks_in_Hong_Kong#Licensed_banks
6. Communications System 5.0
Hong Kong is a highly connected city as there are free wifi at most public sites such as museums, large parks and libraries. Other forms of communication such as television, radio, newspaper, magazines and telephones are also widely available. There are even special phone sim cards designed and marketed for tourists for more affordable cell phone and data usage.
1. http://www.discoverhongkong.com/us/plan-your-trip/practicalities/communications/wi-fi.jsp 2. http://www.discoverhongkong.com/us/plan-your-trip/practicalities/communications/tourist-sim-card.jsp 3.http://www.hongkongextras.com/internet_access.html
7. Transportation 5.0
Hong Kong has six major public transportation system: the MTR subway system, the Trams, the Railways, the Ferries, the Taxis, and the Buses and Minibuses. There are also two other special transportation system such as the Airport Express railway and the Peak Tram. All of the methods are easy to use, as all you need is an Octopus card (similar to a Clipper card in San Francisco.)
1. http://www.discoverhongkong.com/eng/plan-your-trip/practicalities/transport/getting-around/index.jsp 2. http://www.td.gov.hk/en/transport_in_hong_kong/public_transport/index.html
8. Education 4.5
Although Hong Kong provides free education, from 1st grade to 12th grade, education is highly competitive as a whole culturally in Hong Kong. In addition to there are more and more foreign students attending schooling in Hong Kong, especially from mainland China which makes job search post schooling more difficult for locals. But Hong Kong continues to be a highly educated city with 86.7 of the people with a Secondary degree. Pearsons alway rated Hong Kong as number 4 in the Index of Cognitive Skills and Educational Attainment.
1. http://www.census2011.gov.hk/pdf/summary-results.pdf#page=57 2. http://thelearningcurve.pearson.com/index/index-ranking
9. Social Mobility 2.0
According to the Hong Kong Statistic Society’s study on Hong Kong’s income inequality, Hong Kong’s income inequality is one of the highest in the world and it’s continuing to increase. Social mobility is not impossible but it’s just not within the reach of many people of Hong Kong as education is a major part of social mobility and wealth is a major part of getting quality education in Hong Kong.
1. http://www.hkss.org.hk/SPC/2011-12/AwardPDF/S11-12-DP4.pdf 2. http://www.cnn.com/2013/10/30/world/asia/hong-kong-kindergarten-competition/
10. Freedom From Outside Control 2.0
Hong Kong is not its independent country but merely a city with a different set of laws. Hong Kong is governed by People Republic’s of China’s One Country, Two System. Its policy is meant to be unchanged for 50 years. The people of Hong Kong does enjoy a higher degree of freedom than their neighbors in mainland China, but they are no means free from outside control as all candidates of many leading government positions of Hong Kong has to be approved by China’s government.
1. http://www.china.org.cn/english/features/dengxiaoping/103372.htm 2. http://en.wikipedia.org/wiki/Elections_in_Hong_Kong ?
11. Protection of Domestic Enterprise 1.0
Hong Kong is import tax free on all items except for motor vehicles, liquors, tobacco, hydrocarbon oil and methyl alcohol and thus does not provide any real protection for domestic products against its competition. Hong Kong is a city which pride itself as a free port and thrive on free trade, at a staggering almost 1:1 import to export ratio, according to the latest figures from August 2014, import was at 358,750 million HKD and exports was at 327,225 million HKD.
1. http://www.customs.gov.hk/en/faqs/cargo_clearance/clearance/index.html? 2. http://www.tid.gov.hk/english/aboutus/tradepolicy/trpolicy.html 3. http://www.censtatd.gov.hk/hkstat/sub/so40.jsp
12. Foreign Currency Transaction 4.0
Hong Kong’s official currency is the Hong Kong Dollar (HKD) and it’s the currency accepted everywhere in Hong Kong. But as China’s currency the Renminbi (RMB) grows stronger as a currency (1 HKD = 1.28 RMB) in addition to the inflex wave of mainland China tourists, some major stores in Hong Kong are allowing the use of RMB as well as HKD. The stores include the two major supermarkets in Hong Kong, Park n’ Shop and Wellcome Market. Other financial products, such as stocks, bonds, and deposits, have been introduced in Hong Kong as well. Although everyday people of Hong Kong do not use RMB but more and more business are conducted in RMB as these services grow.
1. http://gohongkong.about.com/od/travelplanner/f/Chinese_Yuan_in_Hong_Kong.htm 2. http://hong-kong-economy-research.hktdc.com/business-news/article/Market-Environment/Economic-and-Trade-Information-on-Hong-Kong/etihk/en/1/1X000000/1X09OVUL.htm
13. Border Patrol 4.0
The Hong Kong government has a Custom and Excise Department which is the main agency against smuggling activities and importation and exportation prohibited by law. The department is mostly effective, being able to seize 1.325 million dollars, with 26,042 individual cases opened and leading to a total of 18,153 arrests. But there are exceptions where the department are not as successful, such as the large quantity of iPhone 6 smuggled into Mainland China from Hong Kong.
1. http://www.customs.gov.hk/en/enforcement/anti_smuggling/index.html 2. http://www.customs.gov.hk/filemanager/common/pdf/statistics/enforcement_cases_en.pdf 3. http://www.bloomberg.com/news/2014-09-18/gold-iphones-at-3-600-as-china-delay-fuels-black-market.html ?
14. Currency 5.0
Hong Kong’s official currency is the Hong Kong Dollar. There are three banks that can issue the currency but all of the actual printing is done by the Hong Kong Note Printing Limited, so there would not be any preference over the issued notes.
1. http://www.hkma.gov.hk/eng/key-functions/monetary-stability/notes-coins-hong-kong/notes.shtml 2. http://www.hkma.gov.hk/eng/about-the-hkma/hkma/hkma-related-organisations/hong-kong-note-printing-limited.shtml
15. Cultural, language homogeneity 5.0
According to the 2011 census, 5,957,039 out of 6,095,213 are of Chinese descent which means about 97.7 percent of the population is of Chinese descent. Also out of the 6,808,433 surveyed, 6,373,196 spoke Cantonese. Hong Kong’s culture and language is very homogenous and therefore very little cultural problems should arise.
1. http://www.census2011.gov.hk/en/main-table/A123.html 2. http://www.census2011.gov.hk/en/main-table/A124.html
16. Political Effectiveness 2.5
Hong Kong’s government has shown to effectively solve problems in the past. The most notable epidemic Hong Kong had faced was the outbreak of the Severe Acute Respiratory Syndrome (SARS) in 2003, where about 300 people died with 1755 cases reported. But the Hong Kong government was widely praised due to the transparency of the spread of the virus unlike its Chinese counterparts. Although the political effectiveness of Hong Kong is highly questionable at the moment as the government are not able to negotiate with the current protestors properly. Some experts even claim that any economic damages resulting from these protests will be likely coming from the government itself and not the protestors, as the attractiveness of doing business in Hong Kong is its autonomy. The current situation leads me to believe that the Hong Kong’s government is not very effective at the moment.
1. http://en.wikipedia.org/wiki/Severe_acute_respiratory_syndrome 2.http://www.bbc.com/news/world-asia-china-21680682 3. http://www.cnbc.com/id/102045351#.
17. Institutional Stability 5.0
Under the Basic Law, Hong Kong is an autonomous Special Administrative Region of the People’s Republic of China (except in matters of defense and foreign affairs) and guarantees that autonomy for 50 years. Even with the recent political events of Hong Kong, the institutions have not changed, as did the courts, schools, law enforcements and businesses.
1. http://www.gov.hk/en/about/govdirectory/govstructure.htm 2. http://www.basiclaw.gov.hk/en/index/index.html
18. Honest Government 5.0
The Independent Commission Against Corruption (ICAC) was established in 1974 to fight corruption through enforcement, education and prevention to keep Hong Kong fair, just, stable and prosperous. The ICAC is fair as it has a series of checks and balances such as it does not have the power to prosecute, a complaints committee, reporting directly to the Chief Executive and internal monitoring.
1. http://www.icac.org.hk/en/checks_and_balances/bf/index.html 2.http://www.icac.org.hk/en/about_icac/bh/index.html 3.http://www.icac.org.hk/en/about_icac/mp/index.html
19. Common Laws 5.0
There are the same set of laws which govern the people of Hong Kong called the Basic Law. The legal system is effective and fair as all residents have the same fundamental rights such as being equal before the law, freedom of speech, press, association, assembly, to form unions and to strike, in addition to free to travel, and the right to a fair trial and jury, etc. Although the wealthier citizens do enjoy a possibly better lawyer, there are no outstanding cases where a citizen’s crime has been lowered due to his wealth or social standing.
1. http://www.basiclaw.gov.hk/en/basiclawtext/index.html 2. http://www.basiclaw.gov.hk/en/facts/index.html
20. Central Banks 4.5
Hong Kong does not have a central bank, but there is the Hong Kong Monetary Authority (HKMA) which is created by merging the Office of the Exchange Fund and the Office of the Commissioner of Banking. The HKMA is governed by the Exchange Fund Ordinance and the Banking Ordinance and is most free from any political control except that it does report to the Financial Secretary of Hong Kong. The HKMA does its functions of promoting the stability and integrity of the financial system, maintain Hong Kong’s status as an international financial centre therefore manages the country’s commercial banks and monetary policy effectively.
1. http://www.hkma.gov.hk/eng/about-the-hkma/hkma/about-hkma.shtml 2. http://www.hkma.gov.hk/media/eng/publication-and-research/annual-report/2013/ar2013.pdf
21. Domestic budget management 4.5
Hong Kong’s inflation has recently fell from 4.3% to 3.3% from January to July 2014, which is at a good limited amount. From the year 2013 to 2014 the total revenue of Hong Kong was 349,234 million HKD while the total expenditure was 351,168 million HKD. With a small surplus of 1,934 million HKD, the Hong Kong government is running efficiently.
1. http://www.hkma.gov.hk/media/eng/publication-and-research/quarterly-bulletin/qb201409/chapter3.pdf 2. http://www.censtatd.gov.hk/hkstat/sub/sp110_t.jsp?ID=0&productType=8&subjectID=11&tableID=192
22. Government debt 5.0
Hong Kong’s general government's external debt as of the 2nd Quarter of 2014 is 11,138 million HKD, compared to the current GDP of 517,403 million HKD. The government’s debt is currently about 0.02% of the GDP, thus earning Hong Kong a high score.
1. http://www.statistics.gov.hk/pub/B10400042014QQ02E0100.pdf 2. http://www.censtatd.gov.hk/hkstat/sub/so250.jsp
23. Economic statistics 5.0
The census and statistic department includes data such as conducting statistical surveys and systems for the production of social and economic statistic with data of population, external trade, commerce, prices, GDP and Balance of payment. With its vision to provide high-quality statistical service and contributing to the social and economic developments of Hong Kong. The department provides sufficient economic statistics.
1. http://www.censtatd.gov.hk/about_us/our_vision_mission_and_values/index.jsp? ? 2. http://www.censtatd.gov.hk/about_us/our_organization_and_management/index.jsp
24. Protection of public health and safety 5.0
For about each 1,000 registered live births the infant mortality rate is 1.6 while tuberculosis which is also known as TB causes 175 deaths which is 2.43% of the cause of deaths in Hong Kong affecting 0.000024% of the population. Based on the statistics, Hong Kong’s standards of health and safety is quite high.
1. http://www.dh.gov.hk/english/statistics/statistics_hs/files/Health_Statistics_pamphlet_E.pdf 2. http://www.chp.gov.hk/en/data/4/10/27/113.html
25. High wage policies 1.5
The current minimum wage policy in Hong Kong is 30 HKD which is equivalent to approximately 5 USD. But Hong Kong is a city where property prices are among the highest in the world, for example rent prices are actually 0.02% lower in San Francisco than Hong Kong.
1. http://www.straitstimes.com/breaking-news/asia/story/hong-kong-approves-minimum-wage-hike-482-hour-20130206 2. http://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Hong+Kong&city1=Hong+Kong&country2=United+States&city2=San+Francisco%2C+CA 3. http://www.mwc.org.hk/en/welcome_message/
26. Environmental protection 2.5
Air pollution has continuously worsen in Hong Kong in the recent years. Nitrogen Dioxide was monitored 14 different train stations in Hong Kong, and three of the stations’ (Causeway Bay, Central and Mong Kok) Nitrogen Dioxide concentration were at least 30 ug/m^3 over the set limit and thus causing health hazards for those around it. In 2013 levels in certain parts of town were seen jumping as high as 22%. Many also consider these regulations are too loose to cause any real concrete changes, therefore the score for environment protection is low.
1. http://www.aqhi.gov.hk/api_history/english/report/files/AQR2012e_final.pdf 2. http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=118938&sid=35103473&con_type=3&d_str=20120118&isSearch=1&sear_year=2012 3. http://www.reuters.com/article/2012/08/02/us-hongkong-pollution-idUSBRE8710IA20120802 4. http://blogs.wsj.com/chinarealtime/2013/08/22/hong-kong-air-pollution-levels-spike/
27. Strong army 5.0
According to the Basic Law, the Central People’s Government (PRC) would be responsible for and would have military forces stationed locally for the defense of Hong Kong. The military force in Hong Kong is called the Chinese Military Garrison which consists of 4,700 trained troops.
1. http://www.basiclaw.gov.hk/en/basiclawtext/chapter_2.html 2.http://www.independent.co.uk/news/world/hong-kong-handover-no-time-wasted-as-forces-arrive-by-land-sea-and-air-1248370.html
28. Foreign Trade Impact 1.0
As of the data from Q2 2014, the exports of goods and services was 1,193,987 million HKD, while the imports of goods and services was 1,217,826 million HKD which totals to 2,411,813 million HKD. The total when compared to the real GDP of 507,465 would amount to 475% of the GDP, which makes Hong Kong very vulnerable to outside forces and therefore receiving a low score.
1. http://www.hkma.gov.hk/eng/market-data-and-statistics/economic-and-financial-data-for-hong-kong.shtml#realSector 2. http://www.censtatd.gov.hk/hkstat/sub/so50.jsp
29. Management of foreign currency budget 4.8
Hong Kong’s balance of payment (BoP) is at a surplus of 12,221 million HKD. The BoP which is including the imports of goods, and services, the exports of goods and services, net receipts from primary income, the net receipts from secondary income, the international reserves and the capital and financial transaction taken from the newest data available, the 2nd quarter of 2014. Although there is a 12,221 million deficit, it only amounts to 2.6% when compared to the GDP (as of Q2 2014). Therefore Hong Kong would score quite well in managing foreign currency budget.
1. http://www.hkma.gov.hk/media/eng/publication-and-research/annual-report/2013/ar2013.pdf 2. http://www.hkma.gov.hk/eng/market-data-and-statistics/economic-and-financial-data-for-hong-kong.shtml#externalSector 3. http://www.censtatd.gov.hk/hkstat/sub/so50.jsp?
30. Layers of Collective Action 2.0
Emotions are currently running high as the Central Government of People’s Republic of China had just declined universal suffrage for Hong Kong’s future election in 2017 for Chief Executive of Hong Kong, the highest government position available in Hong Kong. Although in 2012 the original election committee which was comprised of 800 people was increased to 1200 people, it’s still only about 0.0001 of the population. The people of Hong Kong enjoy democracy in local elections but not for the others and they do not have universal suffrage.
1. http://online.wsj.com/articles/beijing-says-panel-to-name-hong-kong-leader-candidates-xinhua-1409472088 2. http://www.thestandard.com.hk/news_detail.asp?pp_cat=11&art_id=102302&sid=29411525&con_type=1&d_str=20100830&sear_year=2010 3. http://www.censtatd.gov.hk/home/index.jsp
31. Pro-business Climate 3.0
There is a underlying pro-business climate in Hong Kong. There’s a phase “the spirit below the lion rock” which describe the spirit of the Hong Kong people to never give up and wait for the opportunity to eventually be successful, which usually means be self sustainable and self employed. At the same there’s little room for vertical mobility for the people of Hong Kong as the income and wage gap is widening, according to South China Post, the GDP of Hong Kong has increased 50% while the average family income has only increased about 10% in the last 10 years. There is a pro-business climate socially but in reality the climate is not very pro-business for the common people.
1. http://www.baike.com/wiki/%E9%A6%99%E6%B8%AF%E7%B2%BE%E7%A5%9E 2. http://www.scmp.com/comment/article/1525874/wealth-gap-will-break-hong-kong-if-we-dont-change-economic-order?page=all
32. Government Enterprises 4.0
Some government enterprises in Hong Kong are profitable while others are not. For example the Mass Transit Railway System (MTR) is owned by the Hong Kong Government although 23% were sold to private investors. The MTR Corporation is quite successful as total revenue increased 8.3 percent which totaled to be 38,707 millions HKD in 2013. Others such as the Hong Kong Post with a deficit of 114 millions HKD and the Water Supplies Department with a deficit of 1006.7 millions HKD for 2013 and 2012. Although the government enterprises’ have both profits and loss, most enterprises do generate profits instead of losses and does not need government subsidies. As of the third quarter of 2012 the Hong Kong government’s enterprises composes 8.63% of the nominal GDP of Hong Kong. Sources: 1) http://www.mtr.com.hk/eng/overview/profile_index.html 2) http://www.irasia.com/listco/hk/mtr/annual/2013/respress.htm 3) http://www.hongkongpost.hk/eng/publications/annual/2012_2013/section20/p54.htm 4) http://www.wsd.gov.hk/filemanager/common/annual_report/2011_12/index.html
33. International Security Agreements 5.0
As stated in the Basic Law articles thirteen, the People’s Republic of China’s central government would be responsible to Hong Kong’s foreign affairs. And as stated in article fourteen the central government would be responsible to Hong Kong’s defense as well. According to the 2013 Military Power of People’s Republic of China, China has 1.25 million active personnel by the Taiwan Strait alone. The parameters of the Taiwan Strait and Hong Kong are extremely close, making China more than competent to defend Hong Kong if needed.
1. http://www.basiclaw.gov.hk/en/basiclawtext/chapter_2.html www.defense.gov/pubs/2013_china_report_final.pdf
34. Protection of Domestic Enterprises from Government Mandated Costs 5.0
Hong Kong has very little taxes imposed. There are no sales, capital, custom duty nor social security taxes. Hong Kong’s income taxes are marginal, starting as little as two percent, with a maximum standard rate of fifteen percent. In addition corporate taxes are capped at sixteen percent and unincorporated business taxes at fifteen percent. In the year 2013-2014 there were seventy-five percent taxes waived with a maximum limit of $10,000 HKD (About $1300USD) per case from salaries tax, profits tax and tax under personal assessment.
1. http://www.gov.hk/en/residents/taxes/taxfiling/taxrates/salariesrates.htm 2. http://www.gov.hk/en/residents/taxes/taxfiling/taxrates/profitsrates.htm 3. www.kpmg.com/Global/en/services/Tax/regional-tax-centers/asia-pacific-tax-centre/Documents/CountryProfiles/HongKong.pdf
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