Death and Taxes

What will be the impact of the abolition of estate duty in Hong Kong on the wealthy people who reside there?

Benjamin Franklin once said that the only two certain things in life were death and taxes. Indeed, in Hong Kong it was possible to suffer both indignities at the same time.

That was until the Financial Secretary for Hong Kong, Henry Tang Ying-nin, made the following announcement in his annual budget speech of March 16, 2005 to the Legislative Council Legco

On balance, after weighing these factors, I propose to abolish estate duty and will introduce the relevant bill into this Council as soon as possible

Good to his word, the Revenue Abolition of Estate Duty Bill 2005 the...

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