kakase/hk_gov_press_release huggingface dataset:
SFST meets with financial sector stakeholders on improving Hong Kong's electoral system (with photos/video)
8.4.2021

âThe Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (April 8) met with representatives from the financial sector at two briefing sessions over the improvements to the Hong Kong Special Administrative Region (HKSAR)'s electoral system, explaining and exchanging views with them on the amended Annex I to the Basic Law on Method for the Selection of the Chief Executive of the HKSAR and Annex II to the Basic Law on Method for the Formation of the Legislative Council of the HKSAR and its Voting Procedures as endorsed by the Standing Committee of the National People's Congress (NPCSC). In the meetings, Mr Hui gave an overview on the objectives and highlights of the improvements to the electoral system. He reiterated that the NPCSC had exercised its legislative power to improve the electoral system of the HKSAR, and defined the institutional arrangement for the implementation of "patriots administering Hong Kong". Mr Hui said, "We strongly believe that improving the electoral system can safeguard the overall interests of our society. With chaos halted and order restored, we will strive to achieve good governance for Hong Kong. The Financial Services and the Treasury Bureau will also spare no efforts in pushing ahead various policy initiatives for enhancing Hong Kong's status as an international financial centre under the National 14th Five-Year Plan, for our better integration into the overall development of our country." He added, "The improved electoral system will bring Hong Kong back on its right track, allowing our unique advantages under 'one country, two systems' to keep on developing the economy and improving people's livelihood." Around 30 representatives mainly from the local, Mainland and overseas banking sector took part in the briefings today. They are happy to help the HKSAR Government provide more explanations for the community to understand the importance of "patriots administering Hong Kong" on enhancing the territory's stability and prosperity. Also present at the briefings were the Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan; the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan; and the Political Assistant to the Secretary for Financial Services and the Treasury, Mr Julian Ip. Mr Hui will host three more sessions tomorrow (April 9) for stakeholders from the financial services sector and insurance industry, briefing them on the importance and urgency of improving Hong Kong's electoral system and to secure their support.
Interest on Tax Reserve Certificates
1.4.2021

âThe Government Gazette published today (April 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 April 7, 2021, the new annual rate of interest will be 0.1167 per cent against the current rate of 0.15 per cent, i.e. the new rate will be $0.0097 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 April 7, 2021. Certificates purchased before April 7, 2021, 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 0.2500 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, and before April 7, 2021: For certificates purchased on or after 0.1167 per cent per annum April 7, 2021, until further notice: This is always subject to the general rule that interest ceases to accrue after 36 complete months.
Government welcomes passage of abolition of Doubled Ad Valorem Stamp Duty on non-residential properties
17.3.2021

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Stamp Duty (Amendment) Bill 2020 by the Legislative Council today (March 17). The Ordinance gives effect to the proposal in the 2020 Policy Address on the abolition of the Doubled Ad Valorem Stamp Duty (DSD) rates applicable to non-residential property transactions with effect from November 26, 2020, reverting the ad valorem stamp duty rates chargeable on non-residential properties to the Scale 2 rates. DSD was introduced in 2013 against the backdrop of an overheating property market with hectic trading activities and soaring prices. The measure was necessary to dampen the demand for non-residential properties in order to maintain stability in the property market. As a result of the economic downturn and uncertainties surrounding the COVID-19 pandemic, prices and transactions for non-residential properties have eased noticeably for a period of time, signalling a slackening of market demand. The Government considers that it is the appropriate time to abolish DSD as a demand-side management measure. The abolition of DSD could facilitate the selling of non-residential property by businesses that are encountering financial predicaments or liquidity needs because of the economic downturn, mitigating the impact of the pandemic on Hong Kong's economy and business activities. From November 26 last year until the end of February this year, the abolition of DSD on non-residential properties had allowed the stamp duty payers of about 5,000 property transactions to save a total of some $870 million.
LCQ9: Statistics on employees' salaries
13.1.2021

Following is a question by the Hon Kwok Wai-keung and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (January 13): Question: Will the Government inform this Council of the following statistics in 2019 regarding the middle-level managerial and professional employees of the selected industry sections listed in the table below (using the first quarter of 2004 as the base period): (i) the Nominal Salary Index (A), (ii) the Real Salary Index (A), (iii) the Nominal Salary Index (B), (iv) the Real Salary Index (B), and (v) the number of employed persons? Selected industry section 2019 Manufacturing, electricity and gas supply (i) (ii) (iii) (iv) (v) Building, construction and related trades (i) (ii) (iii) (iv) (v) Import/export, wholesale and retail trades (i) (ii) (iii) (iv) (v) Transportation, storage, communications and travel agencies (i) (ii) (iii) (iv) (v) Financing and insurance (i) (ii) (iii) (iv) (v) All of the above items (i) (ii) (iii) (iv) (v) Reply: President, The nominal salary indices (A) (NSI(A)), real salary indices (A) (RSI(A)), nominal salary indices (B) (NSI(B)), real salary indices (B) (RSI(B)), and number of employed persons (NEP) for middle-level managerial and professional employees in each of the selected industry sections in Hong Kong for 2019 are set out in Annex.
LCQ13: Employment and economic statistics
6.1.2021

Following is a question by the Hon Wong Kwok-kin and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (January 6): Question: Will the Government provide the following employment and economic statistics for 2019 (adopting the first quarter of 2004 as the base period, i.e. first quarter of 2004=100): (1) the respective (i) numbers of employed persons, (ii) Nominal Wage Indices, (iii) Real Wage Indices, (iv) Nominal Indices of Payroll per Person Engaged, and (v) Real Indices of Payroll per Person Engaged, in respect of the various (a) industries and (b) occupations, broken down by gender; if such information is unavailable, whether it will compile the relevant statistics; and (2) the (i) Nominal Gross Domestic Product (GDP), (ii) Real GDP, and (iii) year-on-year growth rates of such figures? Reply: President, Our response to various parts of the questions is provided below: (1) The number of employed persons (excluding foreign domestic helpers) by gender for various industries and occupations in Hong Kong in 2019 is set out in Annex 1, whereas the nominal and real wage indices for selected industries and selected occupational groups and the nominal and real indices of payroll per person engaged for selected industries during the same period are set out in Annex 2 and Annex 3 respectively. Owing to sample size and data constraints, the Government has neither compiled wage indices broken down by gender nor indices of payroll per person engaged broken down by gender and occupation. (2) Hong Kong's Gross Domestic Product (GDP) at current market prices (i.e. in nominal terms) and in chained (2018) dollars (i.e. in real terms) in 2019 as compared to 2004 are as follows: 2019 GDP in nominal terms (HK$) 2,865.7 billion Compared with 2004 +117.6 per cent GDP in real terms (HK$) 2,799.7 billion Compared with 2004 +62.1 per cent
Fintech Proof-of-Concept Subsidy Scheme to open for application
6.1.2021

The Financial Services and the Treasury Bureau (FSTB) announced today (January 6) that the Fintech Proof-of-Concept Subsidy Scheme (PoC Scheme) will open for application from February 26. The PoC Scheme aims to encourage traditional financial institutions to partner with fintech companies to conduct PoC projects on innovative financial services products. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The ever-developing field of fintech has brought more diverse and convenient financial services to society. The pandemic has also spurred wide adoption of fintech. As an international financial centre, Hong Kong is an excellent place to groom one's fintech business. "Through the PoC Scheme, we hope that the fintech sector will grasp the opportunity to proactively put forth and test various innovative and practical fintech solutions and products, especially in areas that are increasingly mainstream and related to daily economic activities and people's livelihood, such as regtech, trade financing, cross-boundary/border payments and robo-advisory, so as to bring Hong Kong's financial services sector to a new level," Mr Hui added. Under the PoC Scheme, each approved PoC project will be provided a maximum direct one-off grant of up to $100,000. Deserving PoC projects with greater complexity and broader usage, such as those involving cross-sector or cross-boundary/border applications (e.g. involving the Guangdong-Hong Kong-Macao Greater Bay Area or Association of Southeast Asian Nations) may receive a grant of up to $150,000. Financial institutions may provide additional financial resources for the subsidised PoC projects. The Government has earmarked $10 million for the scheme. Applications must be submitted by a Hong Kong-registered company which has a fixed physical office in Hong Kong and with its main business being in the fintech field (please refer to the Annex), jointly with a financial institution regulated by the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority and/or the Mandatory Provident Fund Schemes Authority. The PoC project must address practical issues faced by the financial institution concerned with no prior used case in the market. The FSTB has appointed Cyberport to administer the PoC Scheme. Applications may be submitted via the Cyperport website ( pocsubsidy.cyberport.hk ) from February 26 till June 30. Cyperport will publish details such as application procedures, supporting documents required, etc, on its website in due course.
ANE: SFST's blog
3.1.2021

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, writes on his blog today (January 3) on the eMPF Platform bringing about cost savings of $30 billion. The blog article (in Chinese only) can be viewed on the Financial Services and the Treasury Bureau's website ( www.fstb.gov.hk ).
Interest on Tax Reserve Certificates
30.12.2022

The Government Gazette published today (December 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 January 3, 2023, the new annual rate of interest will be 0.5833 per cent against the current rate of 0.4000 per cent, i.e. the new rate will be $0.0486 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 January 3, 2023. Certificates purchased before January 3, 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 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, and before Janaury 3, 2023: 0.4000 per cent per annum For certificates purchased on or after Janaury 3, 2023, until further notice: 0.5833 per cent per annum This is always subject to the general rule that interest ceases to accrue after 36 complete months.
SFST's speech at Listing Ceremony of Asia's First Crypto Futures Exchange Traded Funds (English only)
16.12.2022

Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Listing Ceremony of Asia's First Crypto Futures Exchange Traded Funds (ETFs) today (December 16): Ladies and gentlemen, Good morning. It gives me great pleasure to be here today at the listing ceremony of the Crypto Futures ETFs of CSOP Asset Management on the Stock Exchange of Hong Kong. Taking this opportunity, I would like to reinforce the Government's commitment and support in the development of virtual assets. I am very delighted to see that on the one hand, how Hong Kong's capital market is being leveraged for the development of virtual assets and on the other hand, the inclusion of crypto futures ETFs which add vibrancy and diversity to our world class, internationally renowned capital market. Just in October, the Government issued the Policy Statement on Development of Virtual Assets (VA) in Hong Kong, setting out the vision and policy direction of the Government and pragmatically laying out the Government's support measures for the VA industry. Following the Policy Statement, the SFC (Securities and Futures Commission) issued a circular on ETFs with VA futures as underlying, providing details on the authorisation of VA futures ETFs for public offering in Hong Kong. We believe that having these products launched in Hong Kong will provide the connectivity between VA players and traditional financial institutions, offering investors with products of proper safeguards, hence promoting the overall growth of this sector in our market. Now less than two months, we have the first crypto futures ETFs listing on our stock exchange. The successful listing today not only marks a new page of our securities markets, but also marks the beginning of a new phase of well-regulated VA products available in Hong Kong. The Government and the SFC welcome quality VA products and VA service providers' participation in our market. Hong Kong is a pioneer to implement a comprehensive regulatory regime, which can increase investor confidence. The Government hopes and is confident that Hong Kong can develop a prosperous VA industry and ecology. Thank you once again to all guests today and best wishes to all.
Government welcomes passage of bill on foreign-sourced income exemption regime
14.12.2022

The Government welcomes the passage of the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 by the Legislative Council today (December 14). The bill introduces a new foreign-sourced income exemption (FSIE) regime for passive income in Hong Kong, which will take effect on January 1, 2023. The bill strengthens Hong Kong's tax regime for better combatting cross-border tax avoidance arising from double non-taxation and fulfils the commitment made by Hong Kong to the European Union in 2021 to amending its tax law. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The new FSIE regime not only upholds the territorial source principle of taxation, but also maintains the tax competitiveness of Hong Kong. Under the regime, multinational enterprise entities which have a substantial economic presence in Hong Kong will continue to be able to claim tax exemption for specified foreign-sourced passive income, namely interest, dividends and disposal gains in relation to shares or equity interests, received in Hong Kong. Foreign-sourced intellectual property income from qualifying intellectual property received in Hong Kong will also be exempt to the extent that the nexus requirement is complied with. Individuals and local companies will not be affected." The FSIE regime will put in place an economic substance requirement and nexus requirement to safeguard against possible exploitation of Hong Kong's tax arrangement by shell companies to achieve double non-taxation in respect of foreign-sourced passive income. To assist taxpayers concerned in complying with the new regime, the Inland Revenue Department (IRD) will implement a package of tax compliance facilitating measures, which seeks to minimise compliance burden on affected taxpayers, enhance tax certainty and ensure tax transparency. These include simplified reporting procedures and the publishing of administrative guidance with illustrative examples on its website. A dedicated team has also been set up by the IRD to provide technical support. Taxpayers may also apply from the IRD for advance rulings on whether the economic substance requirement is met under the FSIE regime. For more details, please visit the IRD's webpage on Foreign-sourced Income Exemption ( www.ird.gov.hk/eng/tax/bus_fsie.htm ).
FSTB initiates exchange with financial services sector on Hong Kong's long-term development (with photos)
12.12.2022

The Financial Services and the Treasury Bureau (FSTB) today (December 12) organised an exchange session with the financial services sector to gather industry leaders to discuss the long-term development of Hong Kong. The exchange session aimed to canvass the industry's views on the direction for the future development of Hong Kong's financial market. Speaking at the exchange session, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "In pursuance of consolidating and enhancing Hong Kong's status as an international financial centre, a number of elements and conditions are necessary, including our country's policy support, the Government's initiatives, regulatory enhancement, advancement of financial infrastructure and nurturing talent in the industry. "The FSTB, regulators and the Hong Kong Exchanges and Clearing Limited (HKEX) will strive for excellence and continue to foster the robust growth of Hong Kong's financial market. During this process, the support and co-operation of the financial services sector are indispensable. Today, I invite you to freely speak on the recommendations for the future financial development of Hong Kong, which will provide an important reference for our upcoming policy formulation," Mr Hui added. The exchange session was held at the HKEX Connect Hall today and was attended by the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan; FSTB officers; the Legislative Council's representative from the financial services constituency, Mr Robert Lee; as well as representatives from the Financial Services Subsector of the Election Committee, industry associations, the Securities and Futures Commission (SFC) and the HKEX. The FSTB, the SFC and the HKEX responded respectively to various recommendations made by the industry representatives, and will follow up on the views collected.
FSTB officer tests positive for COVID-19
11.12.2022

âA spokesman for the Financial Services and the Treasury Bureau (FSTB) today (December 11) said a staff member of the Bureau had tested positive for COVID-19 through a rapid antigen test. The officer is the Administrative Assistant to the Secretary for Financial Services and the Treasury. She wore masks and followed relevant disease prevention measures at work. She has no recent travel history and last went to work on December 8. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, has been taking COVID-19 rapid tests every day and the results are all negative. The FSTB will conduct thorough cleaning and disinfection operations at the office concerned and will continue to implement disease prevention measures vigorously.