Tax cuts could draw IT talent to work in Greater Bay Area meant to rival Silicon Valley, Hong Kong minister says
Yet the secretary for constitutional and mainland affairs notes it would be difficult to exempt local residents working in the region from paying the mainland’s hefty salaries tax due to long-standing policy
Tax incentives could be considered to entice talent in the innovation and technology sector to work in the “Greater Bay Area”, a region expected to rival Silicon Valley, a Hong Kong minister said on Saturday.
Yet Secretary for Constitutional and Mainland Affairs Patrick Nip Tak-kuen said it would be difficult to exempt Hongkongers working in the region from paying the mainland’s hefty salaries tax as it involved a long-standing central government policy.
“One focus of the Greater Bay Area is to establish an international innovation and technology centre. We need to attract relevant IT talent,” Nip said on a radio programme on Saturday.
The minister said one way to lure talent to the ambitious economic scheme could be through tax incentives. He noted that further discussions with mainland officials would be necessary, alluding to examples of some special economic zones offering similar concessions.
