Hong Kong set to reject EU tax disclosure demands
Hong Kong warned the European Union yesterday that it was extremely unlikely to agree to demands to provide information on the finances of foreigners suspected of trying to avoid tax.
The EU has identified the territory and Singapore as likely destinations for European tax avoiders. Singapore has refused to discuss the issue, according to Benita Ferrero-Waldner, the EU external relations commissioner.
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Laszlo Kovacs, the EU tax commissioner, wants to bring both Hong Kong and Singapore into Europe's tax net by persuading them to apply the July 2005 Savings Directive, which aims to tax the interest on European citizens' offshore savings.
Third countries can either exchange information with EU tax authorities or levy a withholding tax that they then pass back to the European home state of the saver. Switzerland chose the latter route because of its banking secrecy laws.
Martin Glass, Hong Kong's deputy secretary for financial services and the treasury, argued that the territory was legally and constitutionally constrained in its ability to share information with other tax authorities, including China.
"The powers of the [Hong Kong] government and the commissioner of inland revenue are relatively limited and extend only to information which is required for our own tax purposes," Mr Glass said at a conference, organised by the Society of Trust and Estate Practitioners. "There might be huge ramifications that compliance with such a savings directive would have for our future as an international financial centre, which is also guaranteed under the Basic Law [Hong Kong's mini-constitution].
"Even if we were so minded, we would need to enact legislation which would be a significant departure from our existing tax legislation," he added. "For that reason I would rate the chances of us being included in the Savings Directive in the near future as being exceedingly small."
The Hong Kong government cherishes the territory's reputation as a low-tax oasis, which it considers fundamental to its competitiveness as an international financial centre.
Corporate profits are taxed at a top rate of 17.5 per cent and individual income at 16 per cent, with no taxes on capital gains, dividends and other forms of passive income. Hong Kong scrapped estate duty last year, to enhance its appeal to international capital.
Singapore shares Hong Kong's concerns. Ms Ferrero-Waldner told the Financial Times that the EU wanted to include the SavingsDirective in wider ranging negotiations with the city-state over a potentialeconomic partnership and co-operation pact.
But she said Singapore had refused to include the issue on the agenda. EU ambassadors yesterday gave the European Commission a formal mandate to start exploratory talks on the savings tax with Hong Kong, Singapore and Macao.
香港不会配合欧盟查找避税人士
香港昨日警告欧盟称，它几乎不可能同意欧盟提出的要求，向其提供有避税嫌疑的境外人士的财务信息。
欧盟上月将香港和新加坡列为欧洲避税者的可能目的地。欧盟对外关系专员贝尼塔?费雷罗-瓦尔德纳(Benita Ferrero-Waldner)称，新加坡政府拒绝就这一问题进行讨论。
欧盟税务专员拉兹洛?科瓦奇(Laszlo Kovacs)试图劝说香港和新加坡采纳欧盟2005年7月施行的储蓄税指令(Savings Directive)，以此将它们纳入欧洲税收网络。储蓄税指令旨在对欧洲居民离岸存款的利息征税。
第三国可以与欧盟税收部门交换信息，也可以先征收预扣税，然后将其返还给欧洲储户的母国。瑞士由于其银行保密法，因此选择了后一种途径。
香港政府财经事务及库务局副秘书长郭立诚(Martin Glass)称，香港的法律和宪法限制了它与其它管辖地税收部门(包括中国)共享信息的能力。
郭立诚在“信托与财产从业者协会”(Society of Trust and Estate Practitioners)主办的会议上表示：“香港政府和税务局局长的权力相对有限，只能提供本地税收用途所需的信息。如果遵守这样一项储蓄税指令，可能对香港作为国际金融中心的未来产生巨大影响，而保证香港国际金融中心的地位是《基本法》的承诺。”
香港政府颇为珍视其“低税乐园”的名声，认为它对于香港作为国际金融中心的竞争力至关重要。
香港企业所得税率最高为17.5%，个人所得税率最高为16%，资本利得、股息和其它形式的非劳务收入无需缴税。去年，香港政府取消了遗产税，以提升它对国际资本的吸引力。
