kakase/hk_gov_press_release huggingface dataset:
Interest on Tax Reserve Certificates
1.9.2023

The Government Gazette published today (September 1) 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 September 4, 2023 the new annual rate of interest will be 0.9250 per cent against the current rate of 0.8833 per cent, i.e. the new rate will be $0.0771 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 September 4, 2023. Certificates purchased before September 4, 2023, 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 December 5, 2022, and before January 3, 2023: 0.4000 per cent per annum For certificates purchased on or after January 3, 2023, and before March 6, 2023: 0.5833 per cent per annum For certificates purchased on or after March 6, 2023, and before April 3, 2023: 0.7500 per cent per annum For certificates purchased on or after April 3, 2023, and before June 5, 2023: 0.7667 per cent per annum For certificates purchased on or after June 5, 2023, and before August 7, 2023: 0.8083 per cent per annum For certificates purchased on or after August 7, 2023, and before September 4, 2023: 0.8833 per cent per annum For certificates purchased on or after September 4, 2023, until further notice: 0.9250 per cent per annum This is always subject to the general rule that interest ceases to accrue after 36 complete months.
HKSAR Government releases Green Bond Report 2023
31.8.2023

The HKSAR Government released today (August 31) the Green Bond Report 2023, which sets out, among others, the allocation of the proceeds raised from green bond issuances, including that of the inaugural tokenised green bond issued this year, and the expected environmental benefits of the projects financed. So far, the Government has successfully issued green bonds totalling close to an equivalent of US$22 billion, funding various green projects in Hong Kong and providing important benchmarks for potential issuers. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The Green Bond Report 2023 provides comprehensive and detailed information on the green bonds issued by the Government, helping investors and members of the public understand the positive environmental impacts of the green projects financed, and encouraging them to participate in building a greener Hong Kong through green investment. This also fully demonstrates our commitment to consolidating Hong Kong's position as a regional and international green and sustainable finance hub." The proceeds raised by the Government through issuances of green bonds have been fully allocated or earmarked to green projects, including the District Cooling System for Tung Chung New Town Extension (East), the Three-dimensional Air Pollution Monitoring Network, the Kai Tak Sports Park and the Replacement of the Storm-detecting Weather Radar at Tai Mo Shan, etc. Since the inaugural green bond issuance in 2019, the Government has been providing information on the allocation of the green bond proceeds via a Green Bond Report on an annual basis, with a qualified third party engaged to assure the contents of the Green Bond Report. The Green Bond Report 2023 is the fourth Green Bond Report of the Government. The Green Bond Report 2023 has been uploaded to the Government Bonds website at www.hkgb.gov.hk/en/greenbond/greenbondreport.html .
Hong Kong and Bangladesh enter into tax pact (with photos)
30.8.2023

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, on behalf of the Hong Kong Special Administrative Region Government, signed in Hong Kong today (August 30) a comprehensive avoidance of double taxation agreement (CDTA) with Bangladesh, signifying the Government's sustained efforts in expanding Hong Kong's CDTA network, in particular with tax jurisdictions participating in the Belt and Road Initiative. Representing the Government of Bangladesh was the Senior Secretary of the Internal Resources Division and Chairman of the National Board of Revenue of the Ministry of Finance of Bangladesh, Mr Abu Hena Md. Rahmatul Muneem, who was accompanied by the Consul-General of Bangladesh in Hong Kong, Ms Israt Ara. This CDTA is the 47th 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, "Bangladesh is one of the economies participating in the Belt and Road Initiative. I have every confidence that this CDTA will further promote economic and trade ties between Hong Kong and Bangladesh, and offer additional incentives for the business sectors of both sides to do business or make investment." Under the Hong Kong-Bangladesh CDTA, Hong Kong companies can enjoy double taxation relief in that any tax paid in Bangladesh, whether directly or by deduction, in accordance with the CDTA will be allowed as a credit against the tax payable in Hong Kong in respect of the same income, subject to the provisions of the tax laws of Hong Kong. Moreover, the Hong Kong-Bangladesh CDTA also provides the following tax relief arrangements: (a) Bangladesh's withholding tax rates for Hong Kong residents on dividends will be capped at 10 per cent or 15 per cent (depending on the percentage of their shareholdings); and on interest, royalties and fees for technical services will be capped at 10 per cent; and (b) Hong Kong residents deriving profits from international shipping transport in Bangladesh will enjoy 50 per cent tax reduction in Bangladesh in respect of the profits subject to tax there. 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-Bangladesh CDTA can be found on the Inland Revenue Department's website ( www.ird.gov.hk/eng/pdf/Agreement_Bangladesh_HongKong.pdf ). Hong Kong will continue to negotiate with trading and investment partners with a view to expanding its CDTA network.
Interest on Tax Reserve Certificates
4.8.2023

The Government Gazette published today (August 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 August 7, 2023, the new annual rate of interest will be 0.8833 per cent against the current rate of 0.8083 per cent, i.e. the new rate will be $0.0736 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 August 7, 2023. Certificates purchased before August 7, 2023, 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 November 7, 2022, and before December 5, 2022: 0.3167 per cent per annum For certificates purchased on or after December 5, 2022, and before January 3, 2023: 0.4000 per cent per annum For certificates purchased on or after January 3, 2023, and before March 6, 2023: 0.5833 per cent per annum For certificates purchased on or after March 6, 2023, and before April 3, 2023: 0.7500 per cent per annum For certificates purchased on or after April 3, 2023, and before June 5, 2023: 0.7667 per cent per annum For certificates purchased on or after June 5, 2023, and before August 7, 2023: 0.8083 per cent per annum For certificates purchased on or after August 7, 2023, until further notice: 0.8833 per cent per annum This is always subject to the general rule that interest ceases to accrue after 36 complete months.
Government welcomes passage of Insurance (Amendment) Bill 2023
6.7.2023

The Government welcomed the passage of the Insurance (Amendment) Bill 2023 (the Bill) by the Legislative Council today (July 6). The Bill amends the Insurance Ordinance (Cap. 41) and other relevant legislation for providing the legal framework to implement a Risk-based Capital (RBC) regime for the Hong Kong insurance industry. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said "We are committed to reinforcing Hong Kong's status as an international financial centre and risk management centre. Enhancing the regulatory regime for the Hong Kong insurance industry on an ongoing basis is integral to promoting stable industry development. The implementation of the RBC regime will strengthen the financial soundness of the insurance industry, and align Hong Kong's insurance regulatory regime with international standards." The Government will work with the Insurance Authority on further preparations, including more in-depth industry consultation on detailed regulatory requirements for the introduction of relevant subsidiary legislation. The target is to commence the RBC regime within 2024.
Government welcomes passage of Betting Duty (Amendment) Bill 2023
21.6.2023

The Government welcomed the passage of the Betting Duty (Amendment) Bill 2023 by the Legislative Council today (June 21). The Bill gives effect to a proposal in the 2023-24 Budget, which imposes an annual special football betting duty (SFBD) of $2.4 billion on the football betting conductor for five years from 2023-24 to 2027-28. The current betting duty rates will be maintained. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The proposal helps increase government revenue in the short term by bringing about a total receipt of $12 billion of the SFBD for five years. In proposing to levy the SFBD, we have taken into consideration a number of factors, including the affordability of the Hong Kong Jockey Club (HKJC), which is the parent entity of the incumbent football betting conductor, and the external competition faced by the local football betting business. The HKJC has also undertaken that it would not reduce its commitment to local charities." The Bill provides for matters relating to the charging of the SFBD, including the amount of the duty, the payment day, and other relevant administrative arrangements. The Bill is deemed to have come into operation on April 1 this year.
SFST to attend Lujiazui Forum in Shanghai
7.6.2023

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, will depart for Shanghai tomorrow (June 8) to attend the 14th Lujiazui Forum. Themed "Global Financial Opening-up and Cooperation: New Drivers of Economic Recovery", this year's forum will be held on June 8 and 9. Mr Hui will speak at the Plenary Session IV: "Global Monetary Policy Adjustment and Financial Risk Mitigation" on June 9 to elaborate on the ways to address the current instability of the global financial system and the volatility of financial markets. Co-organised by the Shanghai Municipal People's Government, the People's Bank of China, the National Administration of Financial Regulation and the China Securities Regulatory Commission, the 14th Lujiazui Forum is a reputable financial forum in the country, which also serves as an influential platform for high-level international financial dialogue. Senior leaders from governments and financial regulators worldwide, top echelon of premier financial institutions as well as renowned experts and scholars are invited to participate in the forum to exchange views on the prevailing major financial issues. During his stay in Shanghai, Mr Hui will meet with senior officials of the Shanghai Municipal People's Government and regulators, and will call on key financial institutions in the city. Mr Hui will return to Hong Kong on the evening of June 9. During Mr Hui's absence, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will act as the Secretary for Financial Services and the Treasury.
SFST expresses condolences over passing of Mr Paul Chow
2.6.2023

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (June 2) expressed his heartfelt condolences over the passing of Mr Paul Chow. Mr Hui said, "Mr Chow was a dedicated servant to the community. In particular, during his tenure as the Chief Executive of the Hong Kong Exchanges and Clearing Limited (HKEX), he was committed to enhancing the strengths of the HKEX, making Hong Kong one of the global premier financial and investment centres. Having been appointed to the Advisory Committee of the Securities and Futures Commission, he also made significant contributions to the development of Hong Kong's financial sector. "During the time when I worked at the HKEX, I had the privilege of witnessing Mr Chow's outstanding and pragmatic leadership and management skills, which are still beneficial to me today. I will always miss him and am extending my deepest condolences to his family."
Interest on Tax Reserve Certificates
2.6.2023

The Government Gazette published today (June 2) 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 June 5, 2023, the new annual rate of interest will be 0.8083 per cent against the current rate of 0.7667 per cent, i.e. the new rate will be $0.0674 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 June 5, 2023. Certificates purchased before June 5, 2023, 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 0.1750 per cent per annum October 3, 2022 and before November 7, 2022: For certificates purchased on or after 0.3167 per cent per annum November 7, 2022, and before December 5, 2022: For certificates purchased on or after 0.4000 per cent per annum December 5, 2022, and before January 3, 2023: For certificates purchased on or after 0.5833 per cent per annum January 3, 2023, and before March 6, 2023: For certificates purchased on or after 0.7500 per cent per annum March 6, 2023, and before April 3, 2023: For certificates purchased on or after 0.7667 per cent per annum April 3, 2023, and before June 5, 2023: For certificates purchased on or after 0.8083 per cent per annum June 5, 2023, until further notice: This is always subject to the general rule that interest ceases to accrue after 36 complete months.
Government welcomes passage of Stamp Duty (Amendment) Bill 2023
17.5.2023

The Government welcomed the passage of the Stamp Duty (Amendment) Bill 2023 (the Bill) by the Legislative Council today (May 17). The Bill gives effect to a proposal on stamp duty made in the 2023-24 Budget, which adjusts the value bands of ad valorem stamp duty (AVD) payable for sale and purchase or transfer of residential and non-residential properties (Scale 2 rates). The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The proposal mainly aims at easing the burden on ordinary families of purchasing their first residential properties, particularly small and medium residential units. After the adjustment to the value bands of AVD at Scale 2 rates, the stamp duty applicable to the property transactions with amount or value of consideration between $2 million and just below $10,080,000 will be reduced, with the amount of reduction up to $67,500. The adjustment will benefit around 37 000 property buyers, and reduce the tax revenue of the Government by about $1.9 billion a year." The adjustment has come into effect at 11am on February 22 this year in accordance with the Public Revenue Protection (Stamp Duty) Order 2023 published in the Gazette on the same day. Any instrument executed before 11am of this day remains chargeable to AVD at the original Scale 2 rates.
Government welcomes passage of Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022
10.5.2023

The Government welcomed the passage of the Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022 (the Bill) by the Legislative Council today (May 10). The Bill amends the Inland Revenue Ordinance (Cap. 112) to provide profits tax concessions for eligible family-owned investment holding vehicles (FIHVs) managed by single family offices (SFOs) in Hong Kong. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said "We are committed to creating a conducive and competitive environment for the businesses of global family offices to thrive in Hong Kong. The Policy Statement on Developing Family Office Businesses in Hong Kong we issued in March sets out our stance and measures tailored to the holistic and unique needs of family offices and asset owners. As a key policy measure, the tax concession regime under the Bill will facilitate family offices to set up and operate in Hong Kong, create new business opportunities for the asset and wealth management sector, and generate demand for other related professional services. This would foster Hong Kong's position as a premier family office hub and an international asset and wealth management centre." The Bill exempts a FIHV's assessable profits earned from qualifying transactions and incidental transactions from payment of profits tax. To attain the policy objective of bringing investment management and related activities to Hong Kong, the FIHV shall be managed by an eligible SFO and fulfil the minimum asset threshold of $240 million and substantial activities requirement. The Bill as passed will become effective upon gazettal on May 19. The tax concession will be applicable to any years of assessment commencing on or after April 1, 2022.
SFST to attend 56th Asian Development Bank Annual Meeting in Korea
29.4.2023

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, will depart for Incheon, Korea, next Monday (May 1) for the 56th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB). Mr Hui will meet with the President of the ADB, Mr Masatsugu Asakawa, and ADB senior personnel on the sidelines of the meeting. Mr Hui will have bilateral meetings with the top management of the central bank, the financial supervisory authority, and an influential business association of Korea. He will also have exchange sessions with representatives from local banking and fintech industries. Mr Hui will return to Hong Kong on May 4. During his absence, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will act as the Secretary for Financial Services and the Treasury.
Government welcomes passage of tax concessions and increase in child allowance
19.4.2023

The Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan, welcomed the passage of the Inland Revenue (Amendment) (Child Allowance and Tax Concessions) Bill 2023 by the Legislative Council today (April 19). It gives effect to two proposals made in the 2023-24 Budget, including: the reduction of salaries tax, tax under personal assessment and profits tax for the year of assessment 2022/23 by 100 per cent, subject to a ceiling of $6,000 per case; and increasing the basic child allowance and the additional child allowance for each child born during the year of assessment under salaries tax and tax under personal assessment from $120,000 to $130,000 starting from the year of assessment 2023/24. "The two proposals mainly aim at alleviating the burden of taxpayers. The one-off tax concessions will benefit about 1.9 million taxpayers of salaries tax and tax under personal assessment, and 133 500 tax-paying businesses, with the total government revenue forgone amounting to about $9.2 billion. The increase in child allowance will benefit around 324 000 taxpayers and reduce the tax revenue of the Government by about $610 million a year," Mr Chan said. The tax concessions will be reflected in taxpayers' final tax payable for the year of assessment 2022/23. Moreover, the Inland Revenue Department will apply the new level of child allowance in calculating the provisional tax for taxpayers for the year of assessment 2023/24.