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HK Raises Tax for High Earners, First Hike in Two Decades

(Bloomberg) — Hong Kong will raise the tax on high earners — the first increase in two decades — in a surprise move designed to lower the city’s fiscal deficit.

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A two-tier tax system will be introduced from April, with income of up to HK$5 million ($640,000) taxed at a maximum of 15%, and anything higher than that being taxed at 16%. Currently tax for all individuals are capped at 15%.

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