kakase/hk_gov_press_release huggingface dataset:
SFST attends South Summit in Spain (with photos)
6.6.2024

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, continued his visit to Europe. He joined the remarkable technology and start-up event South Summit, met with the top management of the Spanish stock exchange and attended a networking reception with the business community in Madrid, Spain, on June 5 (Madrid time). Attending the fireside chat at the South Summit, Mr Hui shared with the audience Hong Kong's latest developments in the virtual assets industry. These include the debut of Asia's first six spot virtual asset Exchange Traded Funds (ETFs) in Hong Kong in April. It is noteworthy that Hong Kong pioneered an in-kind subscription and redemption mechanism, allowing more flexibility for investors to subscribe and redeem their ETF units. In fact, as a pioneer in embracing financial innovation, Hong Kong implemented a virtual asset trading platform (VATP) licensing regime in June last year. The city is also working on licensing requirements for other virtual asset operations, including the issuance of stablecoins and over-the-counter trading services. The South Summit is recognised as one of the world's leading entrepreneurship and innovation platforms for start-ups, investors and institutions to connect. The event in Madrid this year brings together some 500 speakers, 120 investment funds and over 20 unicorns from around the world. In Madrid, Mr Hui on the same day met with the Chief Executive Officer of BME (Bolsas y Mercados Espa&ntilde;oles, Spanish Stock Exchange and Market), Mr Javier Hernani Burzako. Mr Hui shared Hong Kong's measures to enhance stock market liquidity and streamline the listing regime targeting specialised technology sectors, and he expressed hope to explore chances of collaboration between both sides. Mr Hui also paid a courtesy call to the Chinese Ambassador to Spain, Mr Yao Jing. He told Mr Yao that benefitting from the advantages of "one country, two systems", coupled with the staunch support of the country, the Hong Kong Special Administrative Region Government will continue to strengthen exchanges and co-operation with Spain. In the evening, Mr Hui joined a networking cocktail event with the business community co-organised by the Hong Kong Economic and Trade Office in Brussels, Invest Hong Kong and the Spain Hong Kong Business Association. He told the participating guests that Hong Kong has all the necessary networks and resources to help Spanish businesses gain easier access to the Guangdong-Hong Kong-Macao Greater Bay Area and the vast Mainland China market. He also said Spain and Hong Kong have much to share and benefit each other, such as acknowledging the power of innovation technology and cherishing the vibrant creative industries. Mr Hui departed for Lisbon, Portugal, to continue his visit in Europe upon completing his itinerary in Spain.
SFST to visit the Netherlands, Spain and Portugal
2.6.2024

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, will depart for a visit to the Netherlands, Spain and Portugal tonight (June 2). The visit aims to promote Hong Kong's vibrant fintech scene, and the latest financial innovation for a sustainable Web3 ecosystem such as the development of virtual assets industry, payment and tokenisation of real world assets. Mr Hui will have bilateral meetings with the senior officials of the countries to be visited. He will also take part in a number of events and receptions in Amsterdam, Madrid and Lisbon to meet leaders of financial institutions, as well as fintech and business communities. Mr Hui will return to Hong Kong on June 8. During Mr Hui's visit, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will act as the Secretary for Financial Services and the Treasury.
Interest on Tax Reserve Certificates
31.5.2024

The Government Gazette published today (May 31) 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 3, 2024, the new annual rate of interest will be 0.8833 per cent against the current rate of 0.9250 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 June 3, 2024. Certificates purchased before June 3, 2024, 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 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, and before June 3, 2024: 0.9250 per cent per annum For certificates purchased on or after June 3, 2024, 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 to introduce resolution to adjust fees payable by banks and other financial institutions to Government prescribed in Second Schedule to Banking Ordinance
22.5.2024

The Government served a notice to the Legislative Council (LegCo) today (May 22) to introduce a resolution under the Banking Ordinance to adjust various fees relating to banking licences, establishment of branches and local representative offices (LROs) and registration of approved money brokers (AMBs). The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "As announced in the 2024-25 Budget, the Government will review the different fees and charges in a timely manner. The Hong Kong Monetary Authority (HKMA) has recently completed a review on the fees prescribed in the Second Schedule to the Ordinance, and proposes to raise the related fees." "In making the proposal, the HKMA has taken into consideration relevant factors, including the 'user pays' and cost recovery principles, general price inflation, and the operating cost of the financial institutions, etc. The impact on Hong Kong's competitiveness as an international financial centre has also been assessed and taken into account. As the total licence fees account for an insignificant portion of the total operating expenses of authorised institutions (AIs) and AMBs, we expect that the impact on the affected financial institutions will be minimal after the implementation of the proposal. The financial competitiveness of Hong Kong will also not be affected," Mr Hui added. Under the Ordinance, AIs (including licensed banks, restricted licence banks and deposit-taking companies), LROs and AMBs are required to pay to the Director of Accounting Services the licence fees, the registration fees, the establishment fees of local and overseas branches or overseas representative offices, upon authorisation or approval by the Monetary Authority, and the relevant renewal fees upon the anniversary in each year of the date on which an AI was authorised (including the fees of the relevant local and overseas branches and overseas representative offices), or the LRO or AMB was approved. The levels of the fees are specified in the Second Schedule to the Ordinance. Subject to the legislative process, the Government will move the resolution in LegCo on June 12.
Government welcomes passage of Inland Revenue (Amendment) (Tax Concessions and Two-tiered Standard Rates) Bill 2024
22.5.2024

The Government welcomed the passage of the Inland Revenue (Amendment) (Tax Concessions and Two-tiered Standard Rates) Bill 2024 by the Legislative Council today (May 22). The Bill gives effect to the Government's proposals announced in the 2024-25 Budget and the 2023 Policy Address, which include: 1. implementing a two-tiered standard rates regime for salaries tax and tax under personal assessment starting from the year of assessment 2024/25. In calculating the amount of salaries tax or tax under personal assessment at standard rates, the first $5 million of net income will continue to be subject to the standard rate of 15 per cent while the portion exceeding $5 million will be subject to the standard rate of 16 per cent; 2. reducing salaries tax, tax under personal assessment and profits tax for the year of assessment 2023/24 by 100 per cent, subject to a ceiling of $3,000 per case; and 3. allowing an additional deduction ceiling amount of $20,000 for home loan interest or domestic rents, on top of the basic deduction ceiling ($100,000), for a taxpayer if specified conditions (including the taxpayer should reside with his/her newborn child in Hong Kong for a continuous period of not less than six months, or a shorter period that the Commissioner of Inland Revenue considers reasonable in the circumstances) are met starting from the year of assessment 2024/25. Each taxpayer may be allowed an additional deduction ceiling amount for a maximum of 19 years of assessment. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The Government takes into account various factors when adjusting different tax measures. In addition to balancing economic and social needs, we are also committed to maintaining the competitive advantage of a low and simple tax regime. The proposed two-tiered standard rates regime is expected to bring about an additional revenue of $905 million per annum for the Government, affecting only 0.6 per cent of taxpayers. We believe that it will not have adverse impact on Hong Kong's tax competitiveness and attractiveness to talent. On the other hand, the one-off tax concessions will benefit about 2.06 million taxpayers chargeable to salaries tax and tax under personal assessment as well as about 160 000 tax-paying businesses. The additional deduction ceiling amount for home loan interest and domestic rents will benefit all taxpayers meeting the specified conditions, alleviating their financial burden of housing." The Bill as passed will be gazetted on May 31, 2024. The one-off tax concessions will be reflected in taxpayers' final tax payable for the year of assessment 2023/24. Moreover, in calculating the provisional salaries tax for the year of assessment 2024/25, the Inland Revenue Department will determine the amounts of home loan interest and domestic rents to be allowed based on the information provided by eligible taxpayers, and apply the two-tiered standard rates as appropriate.
Deposit Protection Scheme (Amendment) Bill 2024 gazetted today
3.5.2024

The Government gazetted today (May 3) the Deposit Protection Scheme (Amendment) Bill 2024, which seeks to enhance the Deposit Protection Scheme (DPS) to strengthen the protection for depositors, maintain banking stability and keep up with international standards and the latest developments of Hong Kong. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "With the concerted efforts of the Government, financial regulator and the industry, Hong Kong has a robust and resilient banking sector. The latest review has showed that the overall design and key aspects of the DPS remain appropriate. The proposed enhancements seek to fulfil international standards and ensure the effectiveness of the Scheme in maintaining banking stability." The Bill amends the Deposit Protection Scheme Ordinance (Cap. 581) and the Deposit Protection Scheme (Representation on Scheme Membership and Protection of Financial Products under Scheme) Rules (Cap. 581A) to implement the following enhancements: * raising the protection limit from the current $500,000 to $800,000; * refining the levy system to enable the DPS Fund underpinning the Scheme to reach the target fund size within a reasonable timeframe under the increased protection limit; * providing enhanced coverage to affected depositors upon a bank merger or acquisition; * requiring the display of the DPS membership sign on the electronic banking platforms of DPS members; and * streamlining the negative disclosure requirement on non-protected deposit transactions for private banking customers. The Chairman of the Hong Kong Deposit Protection Board, Ms Connie Lau, said, "We are grateful to the public, the banking industry and other stakeholders for their invaluable comments on the proposals for enhancing the DPS, which have been useful in helping the finalisation of the legislative amendments. The Board will make necessary preparations in close co-ordination with the banking industry to ensure the smooth implementation of the enhancement measures." The DPS was launched in 2006 to provide protection for depositors and contribute to banking stability. After initiating a comprehensive review of the DPS in 2021, the Board conducted a three-month public consultation from July to October 2023 and commissioned a public opinion survey on the proposed enhancement measures. The Bill will be introduced into the Legislative Council for first reading on May 8, 2024.
SFST to attend 2024 Zhongguancun Forum in Beijing
27.4.2024

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, will depart for Beijing tomorrow (April 28) to attend the 2024 Zhongguancun Forum Fintech Parallel Forum (Parallel Forum) on April 29. Organised by the Haidian District People's Government, the Xicheng District People's Government, the Asian Financial Cooperation Association, and Tsinghua University PBC School of Finance, the Parallel Forum invites guests to discuss the prospects of integrated development of digital finance and artificial intelligence under the theme "AI for Digital Finance". Mr Hui will deliver a keynote speech on how Hong Kong's financial sector addresses the opportunities and challenges brought by artificial intelligence. 2024 Zhongguancun Forum is scheduled in Beijing from April 25 to 29. Launched in 2007 and with the one and only theme of "Innovation & Development", the forum has grown into a global, comprehensive, open, and high-level international event for enhancing global innovation in science and technology. Mr Hui will return to Hong Kong on April 30. 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.
HKETONY hosts spring reception in Chicago (with photos)
12.4.2024

The Hong Kong Economic and Trade Office in New York (HKETONY) hosted its spring reception in Chicago on April 11 (Chicago time) with the Secretary for Financial Services and the Treasury, Mr Christopher Hui, as guest of honour. Welcoming guests at the reception, the Director of the HKETONY, Ms Maisie Ho, highlighted the close ties between the two cities. "A global finance and business hub, Chicago and the State of Illinois are trading partners of Hong Kong. On the education front, universities in Chicago and Illinois are partnering with Hong Kong universities, with the University of Chicago operating a Hong Kong campus," she said. "Over the years, our office has also shared Hong Kong's creative spirit here in Chicago, from performances to design to films." She took the opportunity to invite guests to the Hong Kong Cinema Showcase of the Asian Pop-up Cinema, which has been sponsored by the HKETONY annually, this year scheduled for April 19 to 21. As guest of honour, Mr Hui gave the guests a brief update on the latest developments and opportunities in Hong Kong, particularly on Hong Kong's economy and its financial services sector. With the Hong Kong Trade Development Council as co-organiser, the spring reception was joined by some 150 guests from academic, political, business and finance fields, as well as legal sectors in Illinois.
SFST to visit US
8.4.2024

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, will visit New York and Chicago of the United States (US) from April 8 (New York time). The visit aims to exchange with and update the US business community and academics on the financial services development of Hong Kong as well as promoting the city's financial and professional services. During his visit, Mr Hui will meet with academics, and leaders of financial and business institutions in the US. Mr Hui will also take part in a number of receptions and events, including the reception with Hong Kong community in New York, as well as the breakfast seminar co-hosted by the Hong Kong Business Association of the Midwest and the Hong Kong Trade Development Council, and the Hong Kong Spring Reception in Chicago. Mr Hui will return to Hong Kong on April 13. During Mr Hui's visit, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will act as the Secretary for Financial Services and the Treasury.
Market study commissioned by Invest Hong Kong estimates there are over 2 700 single-family offices in Hong Kong
18.3.2024

Invest Hong Kong (InvestHK) announced today (March 18) that according to the Market Study on the Family Office Landscape in Hong Kong conducted by Deloitte on the landscape of family offices in Hong Kong, which was commissioned by the department, it is estimated that there are over 2 700 single-family offices in the city. The market study sheds light on Hong Kong's flourishing family office sector and its well-developed status as a premier hub for global family offices and wealth owners. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The Government is committed to building a conducive environment for family offices in our market. In the past year we implemented various facilitating measures as announced in the Policy Statement on Developing Family Office Businesses in Hong Kong, further enhancing our holistic offerings for global wealth owners. The estimate provided by the market study will further inform our market development and promotion work in the future." Single-family offices generally do not need to apply for a licence to operate in Hong Kong. The market study adopted a commonly accepted statistical methodology based on a proprietary database of ultra-high net worth (UHNW) individuals and families, and arrived at the estimate of over 2 700 single-family offices in Hong Kong. The market study also provides tiered estimates on the number of single-family offices in terms of different wealth levels. Having regard to the unique purposes and functions of single-family offices, the market study conducted did not comprise an analysis on multiple-family offices, and they are not included in the estimate of over 2 700 family offices in Hong Kong. The market study reaffirms Hong Kong as one of Asia's major asset and wealth management centres, with HK$30.5 trillion (around US$3.9 trillion) assets under management as of end-2022. Having over 12 500 UHNW individuals in 2022, Hong Kong topped the list of global cities and has become an attractive destination for them to establish their family offices. The market study predicts that supported by the dedicated efforts of InvestHK and the various favourable policy measures introduced by the Government, Hong Kong will rise to become the world's premier centre for family offices. To download an executive summary of the market study, please visit www2.deloitte.com/content/dam/Deloitte/cn/Documents/deloitte-private/deloitte-cn-private-market-study-on-the-family-office-landscape-in-hk-en-240318.pdf .
Business registration fees to be adjusted and business registration levy to be waived
6.3.2024

The Government served a notice to the Legislative Council today (March 6) to move a resolution under the Business Registration Ordinance (Cap. 310) (BRO) to increase business registration fees with effect from April 1, 2024. The Government will also publish in the Gazette on March 8 the Business Registration Ordinance (Amendment of Schedule 2) Order 2024 (BRO Order) to increase branch registration fees and to waive the business registration levy of $150 payable to the Protection of Wages on Insolvency Fund for two years. The BRO requires every person who carries on a business in Hong Kong to apply for business registration and pay a business registration fee at the prescribed amount within one month from the date of commencement of the business. There are two types of business registration certificate, namely the one-year certificate and the three-year certificate. In view of the fact that business registration fees have remained unchanged for close to 30 years, the 2024-25 Budget has proposed to increase the business registration fees by $200 to $2,200 per annum (i.e. an increase of 10 per cent), with effect from April 1, 2024. In line with the proposed increase in the business registration fees, the branch registration fee, which is payable by each branch of a business that applies for business registration, will also increase by 10 per cent. The current and proposed business registration and branch registration fees are at Annex. In addition to the business registration fee or branch registration fee, a business operator is required to pay a levy ($150 per annum) in respect of each business or branch registration to finance the Protection of Wages on Insolvency Fund. To relieve the impact of the increase in business registration fees and branch registration fees on businesses, and in view of the stable financial position of the Fund, the 2024-25 Budget has proposed to waive the levy of $150 for two years starting from April 1, 2024. The relevant changes are set out at Annex. To implement the proposed business registration fees with effect from April 1, 2024, the Secretary for Financial Services and the Treasury will move a resolution pursuant to section 18(1) of the BRO at the Legislative Council on March 27. To give full force and effect of law to the resolution before it is passed by the Legislative Council, the Public Revenue Protection (Business Registration) Order 2024 has been made by the Chief Executive. Moreover, the Financial Secretary has made the BRO Order pursuant to section 18(2) of the BRO to implement the proposed increase in branch registration fees and the two-year waiver of the levy. The BRO Order will be published in the Gazette on March 8 and tabled at the Legislative Council for negative vetting on March 13. It is estimated that the above proposals of adjusting business registration fees and branch registration fees will increase government revenue by about $295 million per annum.