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The Potential of a Wealth Tax for Hong Kong: A Critical Review and Analysis


Although the taxation of wealth has many advantages in theory, and its implementation has been well tested around the world, it has never represented an important element of Hong Kong's taxation system. Indeed, Hong Kong's taxation system has often been criticized as being seriously flawed when judged by several standard taxation criteria. But, it seems to have worked remarkably well in the past by raising sufficient revenue with a minimal taxation burden being placed on its citizens. Nevertheless, the disintegration of the myth of Hong Kong in recent years has opened fertile ground for the introduction of a wealth tax in Hong Kong. Both the Hong Kong government and Hong Kong taxpayers generally accept the need for taxation reform. Certainly, Hong Kong must be ready to consider aggressive taxation changes, even if they might have a significant impact on the general foundation of its taxation regime.

Author profiles:

Hon Keung CHAN
Hon Keung is a Postgraduate Student, Department of Accountancy, City University of Hong Kong, Kowloon Tong, Hong Kong.
Current at July 2003

Prof Grant Richardson CTA
Grant works for the Department of Accountancy at the City University of Hong Kong. Current at 01 October 2009 Click here to expand/collapse more articles by Grant RICHARDSON.

Alan is Associate Professor, Department of Accountancy, Alabama A&M University, Normal, Alabama, USA.
Current at July 2003
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