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Article: Hong Kong Estate Duty: A Blueprint for Reform?

TitleHong Kong Estate Duty: A Blueprint for Reform?
Authors
Issue Date2000
PublisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/
Citation
Hong Kong Law Journal, 2000, v. 30 n. 1, p. 47-73 How to Cite?
AbstractTaxation reform has dominated public debate in Hong Kong since the Financial Secretary, Sir Donald Tsang, announced in the early days of the new millennium that budget deficits in Hong Kong were 'systemic'. It is, therefore I particularly appropriate at this time to reflect upon the future role of estate duty in Hong Kong's overall system of taxation. In this context, it is submitted that, contrary to many voices raised in opposition, estate duty should have a future and the case for its abolition has not been adequately established. However, looking back over the past 80 years since the enactment of the Estate Duty Ordinance, there has been little attempt to change the now outdated legislation. Estate Duty is a tax in dire need of reform. The major problem areas reflected by the current law and practice of estate duty are identified and appropriate responses to meet them are suggested. These responses range from the prosaic (simplification in certain areas), to technical amendments (where the law appears unclear), to changes in the rate structure (to achieve greater horizontal equity). Detailed criticism is focused upon the controlled company provisions and it is suggested that they be radically changed in favour of general anti-avoidance criteria that reflect well-established practice. In conclusion, the argument is made for both systemic reform and simplification to make the ordinance more easily understood and more in line with modern Hong Kong conditions.
Persistent Identifierhttp://hdl.handle.net/10722/133076
ISSN
2015 Impact Factor: 0.215
2015 SCImago Journal Rankings: 0.101

 

DC FieldValueLanguage
dc.contributor.authorHalkyard, A-
dc.date.accessioned2011-04-21T08:45:29Z-
dc.date.available2011-04-21T08:45:29Z-
dc.date.issued2000-
dc.identifier.citationHong Kong Law Journal, 2000, v. 30 n. 1, p. 47-73-
dc.identifier.issn0378-0600-
dc.identifier.urihttp://hdl.handle.net/10722/133076-
dc.description.abstractTaxation reform has dominated public debate in Hong Kong since the Financial Secretary, Sir Donald Tsang, announced in the early days of the new millennium that budget deficits in Hong Kong were 'systemic'. It is, therefore I particularly appropriate at this time to reflect upon the future role of estate duty in Hong Kong's overall system of taxation. In this context, it is submitted that, contrary to many voices raised in opposition, estate duty should have a future and the case for its abolition has not been adequately established. However, looking back over the past 80 years since the enactment of the Estate Duty Ordinance, there has been little attempt to change the now outdated legislation. Estate Duty is a tax in dire need of reform. The major problem areas reflected by the current law and practice of estate duty are identified and appropriate responses to meet them are suggested. These responses range from the prosaic (simplification in certain areas), to technical amendments (where the law appears unclear), to changes in the rate structure (to achieve greater horizontal equity). Detailed criticism is focused upon the controlled company provisions and it is suggested that they be radically changed in favour of general anti-avoidance criteria that reflect well-established practice. In conclusion, the argument is made for both systemic reform and simplification to make the ordinance more easily understood and more in line with modern Hong Kong conditions.en_US
dc.languageeng-
dc.publisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/-
dc.relation.ispartofHong Kong Law Journal-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.titleHong Kong Estate Duty: A Blueprint for Reform?en_US
dc.typeArticleen_US
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0378-0600&volume=30&issue=1&spage=47&epage=73&date=2000&atitle=Hong+Kong+Estate+Duty:+A+Blueprint+for+Reform?-
dc.identifier.emailHalkyard, A: andrew.halkyard@hku.hk-
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros48642-
dc.identifier.volume30-
dc.identifier.issue1-
dc.identifier.spage47-
dc.identifier.epage73-

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