15 May 2009

Tax, Regulation and Financial Centres

A cursory comparison of personal income tax rates would cause us to cry out: 'Go East young Man!' for the tax rates in Hong Kong and Singapore are certainly mouth-watering. Young professionals in particular have not yet put down strong roots and can afford to be venture-some, - and the really big hitters have the financial means to make it painless to relocate to friendlier tax regimes. Add to this headlines such as this one: 'FSA threatens City with higher fines' and the case for the long-term decline of the City and Europe as a Financial Centre becomes stronger.