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Advisers expose missed opportunities in Hong Kong budget

24 February 2011

Hong Kong is losing out to Singapore as a location for investment and needs to rethink its tax strategy, say critics of yesterday’s budget.

John Tsang, the financial secretary, yesterday explained that the Hong Kong economy “has fully recovered” from the global downturn and celebrated this news by giving individual taxpayers a number of cash giveaways.

However, Tsang made no changes to the tax system prompting many professionals to vent their frustration.

“As tax practitioners, we are quite disappointed with the budget which failed to address, despite repeated calls from various...

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