Take advantage of this free insurance policy for your savings
Take advantage of this free insurance policy for your savings by Simon Black – Sovereign Man
This is the very first article I’m writing to you on the brand new Macbook Pro that I just purchased here in Hong Kong.
It’s the fully loaded version with 16GB of RAM, a 1 TB SSD hard drive, and 3.5 GHz i7 processor.
Given that I actually run Linux on may laptop and barely do anything outside of word processing a bit of programming, the purchase was probably overkill. But I got such a great deal it was hard to pass up.
You see, Hong Kong has some of the best prices in the world on just about EVERYTHING.
That’s because Hong Kong charges ZERO sales tax or VAT. And there’s no import duty charged on products shipped in from overseas.
Nearly everywhere else in the world you’re going to pay some sort of duty, excise tax, and/or sales tax.
In Hong Kong none of that exists. So shopping here basically means receiving a built-in 10% discount from not having to pay any of the taxes and duties.
That’s why anytime I have a high-ticket purchase coming up (like a laptop or new mobile phone), I almost invariably wait until I know I’ll be in Hong Kong on business.
And Hong Kong’s generous tax model doesn’t stop with shopping; the region also boats one of the most competitive corporate tax rates in the world (between 15% and 16.5%), and extremely favorable individual tax rates that cap out at 17%.
Hong Kong is also a “territorial” tax system, which means that the government does NOT any tax income which is earned abroad.
Plus there’s zero dividend tax, zero capital gains tax, and zero inheritance or estate taxes.
You’d think that a place with such a minimal tax burden would be flat broke. And yet the Hong Kong government is awash with cash.
A few months ago, in fact, the HK financial secretary announced a budget surplus of HKD $92.8 billion– around $11.9 billion US dollars.