Shanghai faces taxing issue in tale of two cities

When discussing the growing rivalry between the financial centres of Shanghai and Hong Kong, some say the competition is more about personnel than about how many skyscrapers each city boasts.

One of the biggest edges that Hong Kong has in attracting financial talent - and one that Shanghai is unlikely to match in the near future - is the personal income tax rate. In Hong Kong, most people pay no more than 15 per cent, while in Shanghai the tab can reach 45 per cent.

via Business feed http://www.scmp.com/business/article/1056033/shanghai-faces-taxing-issue-tale-two-cities