Hong Kong`s Financial Secretary, Paul Chan Mo-po, is scheduled to deliver his first budget speech at 11 a.m. HK/SIN.
"Because of that, the competitiveness we`re seeing today could be eroded away if Hong Kong doesn`t change.
Ahead of the release of Hong Kong`s latest budget statement, a tax expert said it is critical for the city to spend on strengthening its economy and competitiveness ? or risk losing its standing as an international business center.
Speaking on CNBC`s "Rundown," KPMG China tax partner Charles Kinsley cited a survey by his firm in which 45 percent of respondents said they think Hong Kong will lose competitiveness as more jurisdictions lower their tax rates to lure investors.
That is one of the reasons people are looking at helping the tourism sector, helping the financial services to stay competitive," he said.
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