Tax Cut Urged To Lure Ship-leasing Firms To HK
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2018-05-21 HKT 18:58
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Government advisers have told the administration it should halve its tax for ship-leasing businesses to undercut rivals Singapore and attract more businesses to set up shop in Hong Kong.
Mainland firms have in recent years been pouring billions into ship financing, positioning the country to be a dominant global player in the business.
The Financial Services Development Council's Maritime Leasing Working Group said Hong Kong must offer lower taxes than Singapore if it wants to compete.
A member of the group, Clarence Leung, said the SAR must start looking at what its rivals are doing.
"If somebody's offering 10 percent and you say 'okay, Hong Kong is 16.5, let's cut it to 15', people are not going to come to Hong Kong ... especially in this type of maritime industry. Maritime leasing is a cross-border, international business so it's important to compare to the other countries," Leung said.
The tax cut is among a series of proposals the working group has put forward in a new report.
It is also suggesting that Hong Kong set up a specialised financial institution to offer products needed by the shipping sector, such as insurance for shipping loans, or even buying existing loans from banks.
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