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The Government published in the Gazette today the Companies Ordinance (Amendment of Eighth Schedule) Order 2012 to abolish capital duty currently levied on Hong Kong companies that have a share capital.

The amendments will be applicable to companies which lodge the relevant documents about incorporation, increases in nominal share capital or the issuing of shares at a premium with the Companies Registry on or after June 1, 2012. It is estimated that the implementation of this proposal would cost government revenue around $90 million a year.

This initiative seeks to encourage investors to set up companies in Hong Kong to raise capital and expand their business, thereby enhancing Hong Kong's attractiveness as an international business centre.