Tax issues in regional financial centres

Singapore and Hong Kong taxation regimes compared, from senior tax consultant at PricewaterhouseCoopers'' Financial Services Division - Part 2.

For Part 1, click here

PwC's Steve BruceWithholding Taxes

Withholding taxes are a tax collection mechanism where tax offices would otherwise have difficulty in collecting tax. The payer is required to withhold a tax component from payment and pass it on to the Revenue Authority, that is, it effectively shifts the burden of taxation collection to the business community. The most recognized form of withholding tax is one that applies to non-residents who are deemed to derive a certain source of income from the payer country.

Hong Kong

Hong Kong does not impose any withholding tax on interest, dividends or management fees nor does it impose any withholding taxes on payment of expenses...

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