It is not the right time for Hong Kong to introduce new taxes, The Taxation Institute of Hong Kong says, despite the government's significant fiscal deficit.
The impact of new taxes cannot be accurately estimated due to unprecedented economic uncertainty, Winnie Shek Wing-man, the institute's president, said.
Compared to neighboring regions, Hong Kong's tax incentives for specific industries and emerging economic sectors remain inadequate.
The institute urged the government to review its tax benefits to attract more investors.
Recommended
Command Economy: Advantages and Disadvantages
How Fire Season Affects the Economy
The Prisoner’s Dilemma in Business and the Economy
Market Economy vs. Command Economy: What's the Difference?
