kakase/hk_gov_press_release huggingface dataset:
Interest on Tax Reserve Certificates
2.12.2022

The Government Gazette published today (December 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 December 5, 2022, the new annual rate of interest will be 0.4000 per cent against the current rate of 0.3167 per cent, i.e. the new rate will be $0.0333 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 5, 2022. Certificates purchased before December 5, 2022, 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 April 7, 2021, and before May 3, 2021: 0.1167 per cent per annum For certificates purchased on or after May 3, 2021, and before June 7, 2021: 0.0833 per cent per annum For certificates purchased on or after June 7, 2021, and before June 6, 2022: 0.0500 per cent per annum For certificates purchased on or after June 6, 2022, and before October 3, 2022: 0.1333 per cent per annum For certificates purchased on or after October 3, 2022 and before November 7, 2022: 0.1750 per cent per annum 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, until further notice: 0.4000 per cent per annum This is always subject to the general rule that interest ceases to accrue after 36 complete months.
SFST tests positive for COVID-19
26.11.2022

A spokesman for the Financial Services and the Treasury Bureau (FSTB) said today (November 26) that the Secretary for Financial Services and the Treasury, Mr Christopher Hui, has tested positive for COVID-19 through a polymerase chain reaction-based nucleic acid test. He is undergoing isolation in accordance with the guidelines of the Centre for Health Protection of the Department of Health. Mr Hui last went to work yesterday (November 25). He wore masks and followed relevant disease prevention measures at work, including conducting rapid antigen tests daily. He has no recent travel history. The FSTB will conduct thorough cleaning and disinfection operations at the office concerned and will continue to implement disease prevention measures vigorously.
Hong Kong and Mauritius enter into tax pact (with photo)
7.11.2022

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 Mauritius today (November 7), signifying the Government's sustained efforts in expanding Hong Kong's tax treaty network. This CDTA is the 46th 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, thereby promoting economic and trade connections between Hong Kong and Mauritius. Under the Hong Kong-Mauritius CDTA, double taxation will be avoided in that any tax paid in Mauritius, whether directly or by deduction, 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. Moreover, the Hong Kong-Mauritius CDTA also provides the following tax relief arrangements: (a) Mauritius' 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 Mauritius will not be taxed in Mauritius. 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-Mauritius CDTA can be found on the Inland Revenue Department's website ( www.ird.gov.hk/eng/pdf/Agreement_Mauritius_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
4.11.2022

The Government Gazette published today (November 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 November 7, 2022, the new annual rate of interest will be 0.3167 per cent against the current rate of 0.175 per cent, i.e. the new rate will be $0.0264 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 November 7, 2022. Certificates purchased before November 7, 2022, 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 7, 2020, and before April 7, 2021: 0.1500 per cent per annum For certificates purchased on or after April 7, 2021, and before May 3, 2021: 0.1167 per cent per annum For certificates purchased on or after May 3, 2021, and before June 7, 2021: 0.0833 per cent per annum For certificates purchased on or after June 7, 2021, and before June 6, 2022: 0.0500 per cent per annum For certificates purchased on or after June 6, 2022, and before October 3, 2022: 0.1333 per cent per annum For certificates purchased on or after October 3, 2022 and before November 7, 2022: 0.1750 per cent per annum For certificates purchased on or after November 7, 2022, until further notice: 0.3167 per cent per annum This is always subject to the general rule that interest ceases to accrue after 36 complete months.
Transcript of remarks by SFST at media session
31.10.2022

Following is the transcript of remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at a media session after attending Hong Kong Fintech Week 2022 this morning (October 31): Reporter: Secretary, the upcoming Global Financial Leaders' Investment Summit is the first international event since the pandemic three years ago. What do you think can be achieved during the Summit? And what about the legislation on virtual assets and what is the next step? Secretary for Financial Services and the Treasury: In fact this week starts with a series of events, relating to Hong Kong's role as an international financial centre. First of all, of course, is this event, the Fintech Week 2022. The other event highlighted is the Global Financial Leaders' Investment Summit and at the same time the related event is the Rugby Sevens. And after all, if you look back in terms of what we want to achieve, I think the key message is clear that we're open for business. At the same time, we welcome corporations, talents, investments from different parts of the world. This is exactly the reason that we have a host of events that is being planned and is taking place here to showcase that. That is number one. And number two, in terms of what is highlighted in our latest policy statement, or in particular our legislation, the whole objective is basically that we try to provide a sustainable and responsible regulation to regulate the virtual assets service providers, i.e. the virtual assets exchanges. If you look back, in terms of the technological elements of virtual assets, for example, the blockchain and the distributed ledger technology, I think all of these are going to stay. What we need to do as the Government is to harness these positive elements in this technology and to apply them in a responsible, practical and useful manner to the economy. That's why, with the principle of having similar regulation for similar risks, we will put together the legislation (proposed legislative amendment) to be passed by LegCo (Legislative Council) and at the same time, after that, our regulator the SFC (Securities and Futures Commission) will consult the market in terms of how the retail sector can participate under this new legislative regime. And more than that, if you look back in terms of the exchange-traded products as now growing, many of them have virtual assets as the underlying assets. And that's why our regulator will also soon issue a circular highlighting how ETFs (exchange-traded funds) can be allowed with virtual assets as the underlying (assets). (Please also refer to the Chinese portion of the transcript.)
Government welcomes approval of reduced statutory interest rate cap for lending
26.10.2022

Through a resolution of the Legislative Council under the Money Lenders Ordinance (Cap. 163) (Ordinance) today (October 26), the statutory interest rate cap for lending will be lowered. According to the amended Ordinance, the statutory interest rate cap for lending will be lowered from 60 per cent to 48 per cent per annum, and the threshold of extortionate rate (which may trigger reopening of the transaction by the court having regard to the relevant circumstances) will be lowered from 48 per cent to 36 per cent per annum. The amended Ordinance will take effect from December 30 this year. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the legislative amendments. He said, "In recent years, there are growing concerns about interest rates charged on lending. Excessively high interest would harm borrowers, particularly those with low incomes, and lead to other social problems. Our plan to lower the statutory interest rate cap for lending has taken into consideration recommendations of the Consumer Council, the effective interest rates adopted by the local money lending sector, the interest rate cap for lending overseas, and other market statistics." He pointed out that the Government has enhanced conditions on Money Lenders Licences in 2021, including requiring money lenders undertake an assessment of the borrower's ability to make repayments under the loan agreement, and have due regard to the outcome of that affordability assessment before entering into a loan agreement for an unsecured personal loan. Regulation of advertisements of money lenders and protection of loan referees have also been enhanced. Mr Hui added, "Looking forward, we will continue to review regulatory measures for money lenders, promulgate the importance of prudent borrowing through public education, and induce more responsible lending behaviour among money lenders, for protection of the public interest."
SFST attends APEC Finance Ministers' Meeting in Thailand (with photos)
20.10.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (October 20) attended the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting (FMM) in Bangkok, Thailand. He joined various sessions to discuss major issues such as the global economic and financial outlook, sustainable finance and cross-border payments and remittances. Hong Kong has lifted its relevant quarantine arrangement since September 26 this year and has witnessed a considerable increase in the total number of incoming passengers, Mr Hui said, adding that business in Hong Kong has been normal. While the FMM is meeting at a time when the global economy is facing immense headwinds such as monetary policy tightening and soaring inflation, Mr Hui shared the importance of decarbonisation, diversification and digitalisation as the pathway to a sustainable and resilient recovery. He introduced to the meeting the Hong Kong Special Administrative Region's efforts in combating climate change and achieving carbon neutrality, its status as a global offshore Renminbi business hub for diversifying risks and assets, and the city's fintech developments to boost the competitiveness of the financial services sector. Mr Hui stressed that Hong Kong will continue to work with partners in APEC to deliver a free, open, fair, and transparent trade and investment environment. On sustainable finance, a key to decarbonisation is to make use of financing, Mr Hui said. Capitalising on its role as an international financial centre, Hong Kong strives to become a regional hub for green and sustainable finance, serving as a premier platform for international green enterprises and projects in raising funds through issuing bonds and initial public offerings, etc. Moreover, he mentioned the progress of the Multiple Central Bank Digital Currency Bridge project, which has the potential to offer benefits such as accelerating cross-border transfers and reducing costs to participating central banks. Mr Hui had a bilateral meeting with the Minister of Finance of Thailand, Mr Arkhom Termpittayapaisith. Mr Hui noted that the trade ties between Hong Kong and Thailand have been growing closer in the past few years, and that he looks forward to exploring financial co-operation with the country. He also briefed Mr Termpittayapaisith on the key initiatives of the financial services in "The Chief Executive's 2022 Policy Address" that include supporting asset and wealth management business and attracting quality enterprises to list in Hong Kong. Mr Hui also met with the Vice Minister of Finance of Indonesia, Mr Suahasil Nazara, for exchanges on issues bringing long-term benefits to Hong Kong and Indonesian businesses. Tomorrow (October 21), Mr Hui will deliver speeches at an executive roundtable luncheon and the Thai-Hong Kong Trade Association's anniversary dinner, meet with Thailand's venture capital and fintech associations as well as representatives of enterprises to promote opportunities in setting up family offices and venture capital investments in Hong Kong.
SFST to attend APEC Finance Ministers' Meeting in Thailand
18.10.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, will depart for Bangkok, Thailand, tomorrow (October 19) afternoon to attend the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting (FMM). Mr Hui will participate in discussion at various sessions of the FMM on October 20. He will also hold bilateral meetings with other officials attending the FMM. During his stay in Bangkok, Mr Hui will meet with relevant industry associations and representatives of enterprises to promote the opportunities of setting up family offices and venture capital investments in Hong Kong. Moreover, he will speak at an executive roundtable luncheon and the Thai-Hong Kong Trade Association's anniversary dinner. Mr Hui will return to Hong Kong on October 22. 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.
SFST expresses gratitude for various listed issuers' support in setting up Renminbi stock trading counter
3.10.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (October 3) expressed his gratitude to various listed issuers in Hong Kong for their support to the proposal of setting up a Renminbi (RMB) stock trading counter. Mr Hui said, "Further to the support rendered by the Legislative Council (LegCo) Panel on Financial Affairs today regarding the Government's proposed measures to promote the issuance and trading of RMB stocks in Hong Kong and enhance the trading mechanism, a number of listed issuers have also backed the proposal, and will actively explore the feasibility of setting up a new RMB trading counter for their issued shares. I am sincerely grateful for the enthusiastic responses from LegCo members and listed issuers. "Promoting the issuance and trading of RMB stocks in Hong Kong will take RMB internationalisation to the next level, catering for the escalating demands from global investors for RMB asset allocation and further consolidating Hong Kong's status as an offshore RMB business hub. Meanwhile, the China Securities Regulatory Commission has earlier indicated its support to study setting up an RMB securities trading counter under Southbound Trading of Stock Connect. We are deeply encouraged by the positive responses from listed issuers. We will continue to assist the issuers in setting up RMB trading counters, and actively take forward the implementation work with relevant Mainland institutions," he supplemented. "Listed issuers who indicated their support today include Hang Seng Index constituent stocks with promising turnover. Their participation is a vote of confidence to the development of RMB securities in Hong Kong, which will be conducive to our promotion work to other issuers, enabling Hong Kong to gradually enhance its dual-currency stock market to be denominated and traded in both Hong Kong dollars and RMB," Mr Hui said. The Financial Services and the Treasury Bureau briefed the LegCo Panel on Financial Affairs today on the legislative proposal to exempt the stamp duty on stock transfers for specified transactions conducted by market makers for dual-counter stocks, so as to promote the liquidity of RMB-denominated stocks and price efficiency, and facilitate trading by investors. The Government is preparing the legislative amendments with a view to introducing the Bill into LegCo within this year.
Interest on Tax Reserve Certificates
30.9.2022

The Government Gazette published today (September 30) 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 October 3, 2022, the new annual rate of interest will be 0.175 per cent against the current rate of 0.1333 per cent, i.e. the new rate will be $0.0146 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 October 3, 2022. Certificates purchased before October 3, 2022, 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 June 1, 2020, and before December 7, 2020: 0.2000 per cent per annum For certificates purchased on or after December 7, 2020, and before April 7, 2021: 0.1500 per cent per annum For certificates purchased on or after April 7, 2021, and before May 3, 2021: 0.1167 per cent per annum For certificates purchased on or after May 3, 2021, and before June 7, 2021: 0.0833 per cent per annum For certificates purchased on or after June 7, 2021, and before June 6, 2022: 0.0500 per cent per annum For certificates purchased on or after June 6, 2022, and before October 3, 2022: 0.1333 per cent per annum For certificates purchased on or after October 3, 2022, until further notice: 0.1750 per cent per annum This is always subject to the general rule that interest ceases to accrue after 36 complete months.
SFST continues to attend Asian Development Bank Annual Meeting in Philippines (with photos)
29.9.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, continued to attend the 55th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Manila, the Philippines, today (September 29). At the Governors' Business Session, Mr Hui noted that amid the global pandemic, the ADB had swiftly provided necessary financial and technical support to assist member economies to overcome challenges and help achieve the goal of sustainable growth in the region. Mr Hui echoed the theme of the annual meeting, "Positioning Climate Resilient Green Economy for the Post-COVID-19 World". He said that pandemic aside, climate change is another major challenge to the world and Hong Kong is delighted to see many encouraging initiatives being pursued by the ADB to combat climate change, such as promoting low-carbon transition. He shared with the session that Hong Kong is striving to reduce carbon emissions by 50 per cent before 2035, and achieve carbon neutrality before 2050 under Hong Kong's Climate Action Plan 2050. Hong Kong has established itself as a regional green finance hub. Mr Hui noted that the city would continue to capitalise on the enormous green finance opportunities to encourage more entities, including the ADB and member economies, to make use of Hong Kong's financial and professional services for green and sustainable investment. Mr Hui also attended the Governors' Seminar "Pathways to Sustainable Green Growth in the Time of COVID-19 Recovery" and the Governors' Luncheon at the Annual Meeting today. Mr Hui will return to Hong Kong tonight.