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Taxation of Financial Intermediation Activities in Hong Kong

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  • Jack M. Mintz

    (University of Toronto)

  • Stephen R. Richardson

    (University of Toronto)

Abstract

This paper discusses issues related to the taxation of financial intermediation in Hong Kong in the context of Hong Kong's position as a major regional financial centre. It first provides some background analysis as to the definition of financial intermediation and identification of the providers of financial services. This is then followed by a discussion of the principles of taxation applicable to financial intermediation, including a comparison of income taxes to consumption taxes. Some specific issues relating to taxation of financial intermediation, such as income and cost recognition, are also canvassed. The paper continues with a description of the current taxation of financial activities in Hong Kong, and a comparison of taxation of these activities in Singapore, Malaysia and Taiwan. The paper then concludes with a discussion of tax policy options for Hong Kong, particularly with respect to income taxation of financial income, and with some reference to Stamp Duty and to VAT as it potentially could affect financial services.

Suggested Citation

  • Jack M. Mintz & Stephen R. Richardson, 2001. "Taxation of Financial Intermediation Activities in Hong Kong," Working Papers 092001, Hong Kong Institute for Monetary Research.
  • Handle: RePEc:hkm:wpaper:092001
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    References listed on IDEAS

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    1. Harry Huizinga, 1994. "International interest withholding taxation: Prospects for a common European policy," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 1(3), pages 277-291, October.
    2. Kenneth McKenzie & Jack Mintz & Kimberly Scharf, 1997. "Measuring Effective Tax Rates in the Presence of Multiple Inputs: A Production Based Approach," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 4(3), pages 337-359, July.
    3. Jack Mintz & Henry Tulkens, 1984. "Commodity Tax Competition Between Member States of a Federation," Working Papers 558, Queen's University, Department of Economics.
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