This talk will examine significant taxation developments in Hong Kong during the past year and their impact upon Hong Kong’s status as an international financial center. Among the factors to be discussed are the following: (1) a profits tax exemption for offshore funds; (2) the conclusion of comprehensive double taxation agreements with Mainland China and Thailand; (3) the trend towards convergence between profits ascertained on the basis of generally accepted accounting standards and taxable profits; (4) a perceived toughening of Hong Kong’s source rules relating to the taxation of business profits; (5) the abolition of estate duty; and (6) the proposal to introduce a goods and services tax.

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