Finance chief says city could offer rebates to attract tenants, but park companies should also consider other types of financing, such as bonds
Hong Kong could offer tax rebates to mainland Chinese and overseas companies that it wants to attract to the Northern Metropolis, according to the finance chief, as the city pushes to accelerate the development of the megaproject.
Financial Secretary Paul Chan Mo-po also said on Friday that the industry park companies set up to run the Northern Metropolis should also make use of market resources, such as bond issuance, instead of relying solely on government funding.
“Our tax rates are low and very competitive. There is also an international trend that opposes the use of [low] taxation to compete for investment and considers that unfair and may not be accepted by the international community,” Chan said.
“When attracting industries, even when we have levied the tax, we could rebate it in different ways. It’s an option, and we must be flexible and creative,” he added.
