Call for lower tax rates in HK could benefit banking jobs

Those working in finance jobs in Hong Kong may be interested in a call for the jurisdiction to lower its current tax rates to ensure that it remains competitive.

In its budget proposals for 2010-11, the Hong Kong Institute of Certified Public Accountants (HKICPA) has declared that levies should be reduced for both businesses and individuals in order to further develop its financial and professional services sector, Tax-news.com reports.

The organisation wants the authorities to carry out a review of tax rates within the region to determine whether corporate profits tax should be reduced and benefits improved to ensure that businesses are attracted to the special administrative region.

Ayesha Macpherson, chair of the HKICPA taxation committee, explained: "We must not become complacent or take it for granted that the tax system here gives us unrivalled advantages. We should upgrade and improve it where necessary."

If adopted, the suggestions could substantially benefit those seeking technology jobs in banking, who may also be interested in news that the unemployment rate in Hong Kong fell to a 12-month low between September and November 2009.