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HK to Increase co-op with Emerging Markets
[2009-02-25 15:38:14]
Hong Kong would further develop and increase financial cooperation with emerging markets to consolidate Hong Kong's position as an international financial center, Hong Kong's top financial official said here Wednesday.
"Particular measures are needed to improve Hong Kong as a platform for the growing area of Islamic finance," said John Tsang, financial secretary of the Hong Kong Special Administrative Region, when delivering the 2009-2010 budget speech at the Legislative Council.
Since the structure of most Islamic financial products involved the sale and re-purchase of assets, such transactions might entail tax liabilities in Hong Kong, he said.
"Therefore, we plan to submit to the Legislative Council in 2009-10 a proposal to create a level playing field for Islamic financial products vis-a-vis conventional ones," he said.
The proposal would include making changes to or clarifications of the arrangements for stamp duty, profits tax and property tax, he added.
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