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China’s individual income tax subsidies can attract HK talents to the area, says a Greater Bay expert

出自香港新聞網 - 樹仁新傳系學生實習習作

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By Matthew Chan March 26, 2019


China’s latest individual income tax subsidies can attract HK talents to work in Guangdong-Hong Kong-Macao Greater Bay Area, a Greater Bay expert says.

“The incentives are attractive for Hong Kong talents when tax subsidies are provided for them to exempt from paying individual income tax of Greater Bay Area,” said Rocky Yu, founder of QianHai Gangjunda Shenzhen Business Service Co Ltd in a Shue Yan University talk.

China's Ministry of Finance announced a favorable tax policy for overseas talents last month, high-end overseas professionals in short supply working in the Greater Bay Area will get subsidies from Guangdong province and Shenzhen municipality, offseting the individual income tax differentials between mainland China and Hong Kong.

Yu said Singapore’s Global Ready Talent Programme (GRTP) was successful in boosting the development of different sectors through attracting overseas talents, which governments of mainland China and Hong Kong should provide other financial and non-financial assistances like GRTP.

He said the low tax rates in Hong Kong were “abnormal”, since most countries’ tax rates were above 30% to 40%; this policy indicated Chinese government treated Hong Kong preferentially.

Asking whether the Government's updated proposal of amendment of the Fugitive Offenders Ordinance, which nine offences for the transfer of fugitives will be exempted is appropriate, Yu agreed with the decision.

“The amendment has sparked a controversy among the commercial and political sectors, some may worry that civil cases will became criminal litigation,” said Yu.

He said the exemption from Executive Council could avoid the concerns from business sectors.

He added, Qianhai’s Shenzhen Court of International Arbitraton is an alternative for judging agreements signed in the Greater Bay Area.

Yu’s company is a Hong Kong-China cross border platform which assists the local’s small and medium enterprise entering the China domestic market in the Greater Bay Area.

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