With the Chief Executive Mrs Carrie Lam set to deliver her maiden Policy Address next month, please note that the Chamber’s Policy & Consultation committee submitted its recommendations earlier this month to the HKSAR government, with a focus on 3 main areas:
Maintaining Hong Kong's Competitiveness Through Corporate Incentives and Tax Initiatives
- Introduction of a two-tiered profits tax system to help advance the government's plans to turn Hong Kong into a hub for innovation and high-tech startups.
- New measure for preferential tax treatment to multinational companies who are performing regional headquarter services in Hong Kong.
- Introduction of a tax inventive by granting 200% super tax deductions for expenditures incurred on research and development activities.
- Easing bank account opening and maintenance difficulties and ensuring that it remains within international standard practice.
Smart, Green and Clean: A Smart City, Green and Sustainable Development, Clean Transport
- Accelerate Smart Transport, Smart eco-friendly public transport, water & waste management and Smart Living initiatives.
- More cross-border projects like the HK-Shenzhen hi-tech park in the transport and environment sectors.
- Greater focus on English as the medium of instruction to halt the decline of English proficiency amongst HK students.
We look forward to the Chief Executive’s first Policy Address on 11 October and we are confident Hong Kong can further enhance the advantages that make it already a leading global business hub.
In other news, we’re delighted to announce the 2nd edition of our Luxury Symposium on 14 November, ‘The future of luxury retail: survival of the most agile’. Hear from leaders and trendsetters in the luxury and digital sectors. Don’t miss out! Registration is now open.