kakase/hk_gov_press_release huggingface dataset:
SFST visits Tsuen Wan District (with photos)
15.2.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, visited Tsuen Wan District this afternoon (February 15). Mr Lau first visited the Mills, a revitalisation project that turned textile factories into a destination for innovation, culture and learning. His first stop there was the Mills Fabrica, an incubator that boosts the growth of innovative start-ups in the fashion, textile and technology industries by offering hardware facilities, financial support and business advice to industry professionals. It also serves as a platform for start-ups to connect with their strategic partners for creative exchange and business development. He then visited the Centre for Heritage, Arts and Textile at the conserved and renovated former cotton spinning mills. He said he was pleased to note that the Centre will hold seminars and workshops to engage the community in the culture and art of textiles and build appreciation of the crucial contribution of the trade to Hong Kong's industrial development. Next, Mr Lau toured the product showcase of various designers and manufacturers at the Mills Shopfloor, an integrated zone for learning and experiential retail. He said he appreciated that visitors could take part in interactive activities to explore the inspiration, innovation and production process of the products. Mr Lau later met with the Chairman of the Tsuen Wan District Council, Mr Chung Wai-ping, and other members to exchange views on issues of concern, including management fees of the Mandatory Provident Fund, tax measures and the impact of China-US trade friction.
Gazettal of Financial Reporting Council (Amendment) Ordinance 2019
15.2.2019

The Government published in the Gazette today (February 15) the Financial Reporting Council (Amendment) Ordinance 2019 in an effort to enhance the regulatory regime for auditors of listed entities. The Amendment Ordinance enables the Financial Reporting Council (FRC) to become a comprehensive and independent oversight body regulating auditors of listed entities, and to be responsible for the inspection, investigation and disciplinary functions with regard to these auditors. Under the new regime, the Hong Kong Institute of Certified Public Accountants will continue to perform the statutory functions of registration, setting requirements for continuing professional development, and also setting standards on professional ethics, auditing and assurance in respect of relevant auditors, subject to oversight by the FRC. The Amendment Ordinance ensures that Hong Kong's regulatory regime for auditors of listed entities is benchmarked against international standards and practice, and will also enable Hong Kong to be eligible for joining the International Forum of Independent Audit Regulators, which is an important forum for international co-operation on the regulation of auditors. A government spokesperson said, "The Amendment Ordinance enhances the existing regulatory regime for auditors of listed entities, allowing it to be independent from the audit profession, thereby providing better protection to investors. This is crucial to strengthening Hong Kong's status as an international financial centre and capital market. We are working closely with relevant parties on the preparations for implementing the new regulatory regime as soon as practicable." The Amendment Ordinance was enacted by the Legislative Council on January 30, 2019, and will commence operation on a day to be appointed by the Secretary for Financial Services and the Treasury by notice published in the Gazette.
SFST attends European Financial Forum to promote HK's strengths as IFC (with photos)
14.2.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, attended the 4th European Financial Forum (EFF) in Dublin yesterday (February 13, Dublin time) to promote Hong Kong's strengths as an international financial centre (IFC). He attended the opening session in the morning and gave a closing keynote speech on how Hong Kong has evolved, from being a centre for investment flows and financial services to facilitate China's reform and opening up to a broader role that encompasses leadership in innovation and technology, sustainable trade and finance, and regional connectivity and development in the context of the Guangdong-Hong Kong-Macao Greater Bay Area. Mr Lau also held an onstage conversation with the Minister for Finance and Public Expenditure and Reform of Ireland, Mr Paschal Donohoe, during the closing session, which included sharing efforts to further financial development in both places. Earlier in the morning, Mr Lau attended a Fintech (financial technology) roundtable where he met with representatives from a number of key Fintech companies in Dublin. He said he was pleased to note that these companies are seeking to leverage Hong Kong as a platform to expand their businesses to Hong Kong, the Mainland of China and Asia, and he updated them on the city's latest efforts to support Fintech development. He later met with the Governor of the Central Bank of Ireland, Mr Philip Lane. They exchanged views on the impacts of Brexit, trade friction between China and the US as well as Fintech advances in the context of global economic development and financial stability. In addition, Mr Lau held a discussion with aviation financing experts of the Standard Chartered Bank to learn more about their experience in boosting aviation market development in Ireland and beyond. Mr Lau also paid a courtesy call on the Chinese Ambassador to Ireland, Dr Yue Xiaoyong, in the evening. Mr Lau will visit the Irish Stock Exchange in the morning today (February 14, Dublin time) before concluding his visit to Dublin. He will return to Hong Kong in the morning on February 15 (Hong Kong time).
SFST forges financial co-operation between Hong Kong and Ireland (with photos)
13.2.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, yesterday (February 12, Dublin time) commenced his visit to Dublin to foster closer financial co-operation between Hong Kong and Ireland. Upon arrival in Dublin around noon, Mr Lau joined a luncheon hosted by Goshawk, an international aircraft leasing company headquartered in Dublin, where he shared with attending executives how Hong Kong and Ireland could step up collaboration in aircraft leasing and work together to capitalise on the vast opportunities ahead. Mr Lau then paid visits to Goshawk and another leading aircraft leasing company, Avolon. He shared with the management teams of these companies what Hong Kong had been doing in promoting the aircraft leasing business. In the evening, Mr Lau met with the Minister of State at the Department of Finance and Public Expenditure and Reform of Ireland, Mr Michael D'Arcy, to discuss the latest developments of green finance and financial technologies in both places. Both sides looked forward to further collaboration between Hong Kong and Ireland in financial services. He later joined the welcoming reception for international delegates and speakers of the European Financial Forum (EFF). Mr Lau will attend the opening session and deliver a closing keynote speech at the EFF scheduled for today (February 13, Dublin time). The EFF is in its 4th edition this year. It brings together the leading figures in the public and private sectors to discuss financial issues of concern to the European and global markets.
SFST to attend European Financial Forum in Dublin to strengthen financial ties
11.2.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, will leave for Dublin, Ireland, in the early hours tomorrow (February 12) to attend the 4th European Financial Forum (EFF) to promote Hong Kong's strengths as an international financial centre and forge closer financial collaboration with Ireland. To be held on February 13, the theme of this year's EFF is "Policies and Business Models for a Changing Financial Landscape". Mr Lau will attend the opening session and deliver a closing keynote speech on Hong Kong's strengths as well as how it can help global enterprises capture opportunities in Hong Kong and the Mainland of China amid the changing financial landscape. During his stay in Dublin, Mr Lau will meet with senior government officials of Ireland and key personnel of the Irish Central Bank and Stock Exchange to share views on efforts to create an enabling environment for financial developments. Mr Lau will also visit global aircraft leasing companies headquartered in Dublin and meet with leading figures in the sector to exchange views on the latest developments in the aircraft leasing market. In addition he will meet with representatives of the local financial technology (Fintech) industry to foster Fintech collaboration with Ireland. Mr Lau will return to Hong Kong in the morning of Friday (February 15). During his absence, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will act as Secretary for Financial Services and the Treasury.
SFST visits Yuen Long District (with photos)
24.1.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, visited Yuen Long District this afternoon (January 24). Mr Lau first had a meeting with the Chairman of Yuen Long District Council, Mr Shum Ho-kit, and other members, during which they exchanged views on issues of concern including implementation details of the Caring and Sharing Scheme, district banking services and loan-to-value ratios for property mortgages. He then proceeded to Youth College (Tin Shui Wai) and the Hotel and Tourism Institute (Tin Shui Wai) of the Vocational Training Council, where he was briefed on their teaching philosophy and facilities. He commended the teaching staff for striving to provide an interactive learning environment for students and assisting them to acquire knowledge and skills for further studies and employment. As the visit was done during lesson time, in addition to touring the training facilities Mr Lau also joined the students in making bread and observed some hairdressing training. He encouraged the students to make the best out of their classes and equip themselves for future career development. Finally, Mr Lau went to the Mutual Help Child Care Centre operated by the Tin Shui Wai Women Association Limited to see the Neighbourhood Support Child Care Project provided there. He chatted with child carers to learn more about the training they have received and details of the programme. Those serving as child carers are mainly from low-income or new-arrival families. The programme provides needy parents with flexible child care support services.
Transcript of remarks by SFST at media session
14.1.2019

Following is the transcript of remarks by the Secretary for Financial Services and the Treasury, Mr James Lau, at a media session after attending the Plenary Session of the 12th Asian Financial Forum this morning (January 14): Reporter: Do you see an outflow of capital from Hong Kong? And the second question is the Chief Executive said the Government had no immediate plan to relax the loan-to-value ratio for property mortgage, does the Government have any timetable on the relaxation? Secretary for Financial Services and the Treasury: There were two questions. The first question is on the so-called "capital flow". But you are referring actually to the aggregate balance of the banking system, which represents the liquidity in the interbank market. As the Hong Kong Monetary Authority has repeatedly emphasised, the so-called "inflow" and "outflow" in the aggregate balance depends on the supply and demand for US dollar versus Hong Kong dollar. So there is nothing to worry about, and that change in the aggregate balance only reflects the redemption of US dollar versus Hong Kong dollar. The second question is on the mortgage financing, the loan-to-value ratio. As I explained just now in Chinese, the Government has actually initiated special measures on the stamp duty for the market, and for the Monetary Authority, they have special measures, counter-cyclical measures regarding the mortgage loan-to-value ratio. We have currently no plan as we mentioned just now, and there is no timetable as such. But as the Financial Secretary mentioned before, we will be monitoring the supply of flats on the market and also the trend for the changes in the property prices, and also we will be looking at the general macroeconomic environment and also the local economic environment. So based on the combination of these factors then, we will be monitoring the developments and see what will be the next step. Thank you very much. (Please also refer to the Chinese portion of the transcript.)
Government welcomes launch of Green and Sustainable Finance Strategic Plan
17.12.2020

The Green and Sustainable Finance Cross-Agency Steering Group announced today (December 17) the Strategic Plan to Strengthen Hong Kong's Financial Ecosystem to Support a Greener and More Sustainable Future. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "Working in concert with the Steering Group members, we are pleased to launch the Strategic Plan which sets out our shared vision to promote green and sustainable finance in Hong Kong and beyond. This echoes the goal of achieving carbon neutrality by 2050 as announced by the Chief Executive in her 2020 Policy Address, demonstrating our strong commitment and determination to boost investments conducive to low-carbon transformation in Hong Kong. "Towards the common goal of elevating Hong Kong's position as a regional green and sustainable finance hub, we invite the financial sector and relevant stakeholders to join us in taking forward the Strategic Plan and capitalising on the enormous green finance opportunities presented by the Guangdong-Hong Kong-Macao Greater Bay Area, thus transforming vision into action and results."
Interest on Tax Reserve Certificates
4.12.2020

âThe Government Gazette published today (December 4) contains a Legal Notice to the effect that the Secretary for Financial Services and the Treasury has authorised a change in the rate of interest payable on Tax Reserve Certificates. From December 7, 2020, the new annual rate of interest will be 0.15 per cent against the current rate of 0.2 per cent, i.e. the new rate will be $0.0125 per month per $100. Tax Reserve Certificates bear simple interest, and interest is calculated monthly (including part of a month) from the date of purchase to the date of payment of tax. Interest is only credited when certificates are used to pay tax and no interest is due where the principal value of a certificate is repaid to its holder. The rate of interest payable on Tax Reserve Certificates is periodically revised in line with the market trend. Currently, it is reviewed every month based on the average prevailing interest rate for the 12-month time deposit for $100,000 to $499,999 offered by the three note-issuing banks. The new rate will apply to all certificates purchased on or after December 7, 2020. Certificates purchased before December 7, 2020, will continue to earn interest at the rates prevailing on their respective purchase dates. Below is a summary of the interest rates for the past periods: For certificates purchased on or after 0.0767 per cent per annum August 6, 2018, and before November 5, 2018: For certificates purchased on or after 0.2500 per cent per annum November 5, 2018, and before January 17, 2020: For certificates purchased on or after 0.3667 per cent per annum January 17, 2020, and before February 3, 2020: For certificates purchased on or after 0.3167 per cent per annum February 3, 2020, and before May 4, 2020: For certificates purchased on or after 0.2333 per cent per annum May 4, 2020, and before June 1, 2020: For certificates purchased on or after 0.2000 per cent per annum June 1, 2020, and before December 7, 2020: For certificates purchased on or after 0.1500 per cent per annum December 7, 2020, until further notice: This is always subject to the general rule that interest ceases to accrue after 36 complete months.
Hong Kong and Georgia enter into tax pact (with photo)
5.10.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, on behalf of the Hong Kong Special Administrative Region Government, signed a comprehensive avoidance of double taxation agreement (CDTA) with Georgia today (October 5), signifying the Government's sustained efforts in expanding Hong Kong's tax treaty network. This CDTA is the 45th agreement that Hong Kong has concluded. Georgia is an emerging economy which participates in the Belt and Road Initiative. The CDTA sets out the allocation of taxing rights between the two jurisdictions and will help investors better assess their potential tax liabilities from cross-border economic activities, thereby promoting economic and trade connections between Hong Kong and Georgia. Under the Hong Kong-Georgia CDTA, double taxation will be avoided in that any tax paid in Georgia by Hong Kong companies in accordance with the CDTA will be allowed as a credit against the tax payable in Hong Kong on the same income, subject to the provisions of the tax laws of Hong Kong. Likewise, for Georgian companies, the tax paid in Hong Kong will be allowed as a deduction from the tax payable on the same income in Georgia. Moreover, the Hong Kong-Georgia CDTA also provides the following tax relief arrangements: (a) Georgia's withholding tax rates for Hong Kong residents on interest and royalties will be capped at 5 per cent; and (b) Profits from international shipping transport earned by Hong Kong residents arising in Georgia will not be taxed in Georgia. This CDTA will come into force after the completion of ratification procedures by both jurisdictions. In the case of Hong Kong, it will be implemented by way of an order to be made by the Chief Executive in Council under the Inland Revenue Ordinance (Cap. 112). The order is subject to negative vetting by the Legislative Council. Details of the Hong Kong-Georgia CDTA can be found on the Inland Revenue Department's website ( www.ird.gov.hk/eng/pdf/Agreement_Georgia_HongKong.pdf ). Hong Kong will continue to negotiate with trading and investment partners with a view to expanding its CDTA network.
Government launches Financial Industry Recruitment Scheme for Tomorrow
25.9.2020

The Financial Services and the Treasury Bureau (FSTB) today (September 25) announced that the Financial Industry Recruitment Scheme for Tomorrow (FIRST Scheme) under the second round of the Anti-epidemic Fund will be launched and open for application on September 30. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The FIRST Scheme is a cross-sectoral job creation scheme dedicated to the financial services industry under the Anti-epidemic Fund. The FSTB has set aside $180 million for the Scheme to help create 1 500 new jobs in the financial services industry, which is hit by the pandemic, for employing local people and furthering the development of the industry." Each eligible employer can apply for a salary subsidy of up to $10,000 per month for each eligible new full-time position for 12 months. All the subsidies must be used to settle the pay for employees. The number of subsidised new positions is capped at 5 per cent of the employer's existing headcount, and each eligible employer may receive a subsidy for a maximum of 25 new positions. The eligible employers must be organisations regulated by the Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority; trustees approved by the Mandatory Provident Fund Schemes Authority or organisations registered with the Hong Kong Institute of Certified Public Accountants. The candidates must be Hong Kong permanent residents. The FSTB has commissioned the Financial Services Development Council (FSDC) to administer the Scheme. The FSDC will be responsible for the management of an online application system, approval of applications and distribution of subsidies granted under the Scheme. Interested employers can gather more details and submit applications via the Scheme's dedicated website ( www.fsdc.org.hk/en/first/about ) starting from September 30. For enquiries, please call 3612 9951 or email to FIRST@fsdc.org.hk .
SFST visits community testing centre at City Hall (with photos)
8.9.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, visited the community testing centre at City Hall today (September 8) to learn about its operation as the Universal Community Testing Programme (UCTP) begins its extended period, and give encouragement to the healthcare personnel and staff members working there. To cut the transmission chain of COVID-19 in the community, the Government launched the UCTP on September 1 to provide a one-off free virus testing service for all citizens so as to identify asymptomatic COVID-19 patients as early as possible. The Government has since decided to extend the UCTP for four days to September 11. On the first day of the extension period of the UCTP, Mr Hui was briefed on the workflow and manpower allocation of the centre, as well as the infection control and social distancing measures implemented. He also chatted with staff members and thanked them for their participation in the UCTP to fight the virus together with the community. He said that the UCTP could help Hong Kong further curb the epidemic and better prepare for the situations that might arise, in turn enabling people's lives and social and economic activities to return to normal gradually. Mr Hui appealed to members of the public to take the opportunity to participate in the UCTP while the various community testing centres will continue to provide voluntary testing for all citizens as far as possible. Details of the UCTP are available on the dedicated website www.communitytest.gov.hk .
Hong Kong and Serbia enter into tax pact (with photo)
28.8.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, on behalf of the Hong Kong Special Administrative Region Government, has signed a comprehensive avoidance of double taxation agreement (CDTA) with Serbia, signifying the Government's sustained efforts in expanding Hong Kong's tax treaty network, a Government spokesman said today (August 28). This CDTA is the 44th such agreement that Hong Kong has concluded. It sets out the allocation of taxing rights between the two jurisdictions and will help investors better assess their potential tax liabilities from cross-border economic activities. Mr Hui said, "Serbia is one of the emerging economies participating in the Belt and Road Initiative, which brings about vast business opportunities. The CDTA will promote economic and trade connections between Hong Kong and Serbia, and offer additional incentives for the business sector of both sides to do business or make investments." Under the Hong Kong-Serbia CDTA, double taxation will be avoided in that any tax paid in Serbia by Hong Kong companies in accordance with the CDTA will be allowed as a credit against the tax payable in Hong Kong on the same income, subject to the provisions of the tax laws of Hong Kong. Likewise, for Serbian companies, the tax paid in Hong Kong will be allowed as a deduction from the tax payable on the same income in Serbia. Moreover, the Hong Kong-Serbia CDTA also provides the following tax relief arrangements: (a) Serbia's withholding tax rates for Hong Kong resident companies on dividends, interest and royalties will be capped at 10 per cent; and (b) Profits from international shipping transport earned by Hong Kong residents arising in Serbia will not be taxed in Serbia. This CDTA will come into force after the completion of ratification procedures by both jurisdictions. In the case of Hong Kong, it will be implemented by way of an order to be made by the Chief Executive in Council under the Inland Revenue Ordinance (Cap. 112). The order is subject to negative vetting by the Legislative Council. Details of the Hong Kong-Serbia CDTA can be found on the Inland Revenue Department's website ( www.ird.gov.hk/eng/pdf/Agreement_Serbia_HongKong.pdf ). Hong Kong will continue to negotiate with trading and investment partners with a view to expanding its CDTA network.