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Nice little earner; car dealers may be exploiting tax loophole

Article Abstract:

Hong Kong's Financial Sec Hamish Macleod alleges that British and Chinese automobile trading companies are cleverly reducing their tax liabilities by lowering import car values. Imported cars are heavily taxed in Hong Kong with taxes starting at 90% for cars valued under HK$30,000 up to 105% for cars valued between HK$30-60,000 and 120% for cars valued at HK$60,000 or higher. Accountants confirm the practice, but are of the opinion that lowering the tax base is probably legal. Leading car importers, Inchcape Pacific, Dah Chong Hong, Sime Darby and Jardine International Motors deny the irregularity.

Taxation, Automobiles, Tax policy, Automobile dealers

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A city of secrets

Article Abstract:

Hongkong is Asia's leading offshore banking center due to its excellent telecommunications facilities, transportation networks and its British legal system. Capital, information and foreign exchange can flow in and out of the colony without fear of government intervention. In spite of these advantages, Hongkong's future as an offshore financial center is in doubt because of its return to China's control and because of the growing costs involved in maintaining offshore investment holding companies.

Services, Foreign banks

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No redemption?

Article Abstract:

Heavily discounted Southeast Asian closed-end country funds are not as attractive as they seem. Prices of fund shares reflect their balance of supply and demand instead of their underlying net-asset value. Share prices are also determined by the liquidity of the country-fund market in which they are traded and perceived regional stockmarket performances. In effect, fund share prices may not necessarily go up despite a stock market recovery.

Evaluation, Mutual funds

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