5.
The 25th annual meeting of the Asian Development Bank was held in HK in May 1992, drawing together bankers from over 50 countries.
Major Business Centre
*
*
As at November 1992, there were 408 public companies, with market capitalization of HK$1,383 billion. Compared with 357 companies with market capitalization of HK$947 billion in 1991.
One of the simplest tax systems in the world, about half of our working population paying no salaries tax at all and tax rates for the rest among the lowest in the world:
Profits Tax:
Salaries Tax:
only 17.5% for corporations and 15% for unincorporated businesses, no tax on profits from sale of capital assets, nor on offshore trading activities (and still generous deductions for certain categories of costs incurred in the production of assessable profits).
only 15% maximum, and based on salaries, not income from all sources as is the case elsewhere in
the world.
Major centre for shipowning and ship management (over 500 shipping companies).
There are at present 7 container terminals and by 1997 there will be 10. All are privately owned.
Biggest single air cargo facility in the world. A second terminal opened in November 1991, further doubled the handling capacity to 1.4 million tonnes a year.
* Airfreight business booming (up 14% in Jan-Jun 1992), the consequence of the increased sophistication and improved quality of HK products and goods re-exported through HK which can afford expensive but fast and secure transportation.
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