Submissions and Reports

The Chamber welcomes the proposal to grant qualifying entities the right to enjoy tax concessions as this would further consolidate Hong Kong’s position as a premier international financial centre. At the same time, the Chamber calls on the government to also address non-taxation issues to better position Hong Kong as a preferred destination for family offices.

The Chamber appeals to the Government to give due attention to protecting economic viability and maintaining business stability in the interest of maintaining the city’s status as it steers Hong Kong out of the fifth wave of the pandemic. To achieve these goals, the Chamber has called for the formulation of a clear and predictable action plan for recovery and restoration to normality. This also includes ensuring continuity in the delivery of critical services should such extraordinary measures as compulsory universal testing and a citywide lockdown be implemented.

The nature of the consultation, which concerns copyright owners and users, mean that the Chamber was unable to achieve unanimity when responding to some of the Government’s proposals to update Hong Kong’s existing copyright law. As such, the Chamber has called for a balanced approach that takes into account the rights of owners and users, while reflecting views from both perspectives on such proposals as adopting an exhaustive approach on copyright exceptions and introduction of a judicial site-blocking mechanism.

The Chamber has called on the Government to address the loss of talent resulting from the recent wave of emigration. Based on findings from a Chamber survey conducted in January, companies of all sizes and across the business spectrum have been adversely affected by a dwindling workforce.

Although protecting public health is of critical importance, consideration should also be given to mitigating associated costs and maintaining connections to the outside world. In its letter to the government, the Chamber has called on the government to provide airline and air cargo operators with the adequate operational flexibility to ensure continuity in Hong Kong’s ability to obtain critical supplies in a stable and timely manner.

In its latest recommendations to the upcoming Budget, the Chamber has called on the government to continue to provide support for businesses especially those badly affected by measures to contain the pandemic. The Chamber’s submission also included proposals on policy initiatives to respond to changes in the international landscape, namely, developments with BEPS 2.0 and the inclusion of Hong Kong on EU’s grey list, as well as in enhancing Hong Kong’s standing as a place for doing business.

The Chamber supports the issuance of a set of guidelines to help businesses in the relevant sectors avoid potential damage to underground telecommunications lines. At the same time, such guidance should be practicable and not overly prescriptive. The Chamber has also put forward recommendations on other aspects of the draft guidelines while noting that more time should have been made available for collecting feedback.

The rise of family offices provides considerable opportunities especially for international financial centres such as Hong Kong, which offers considerable advantages whether in terms of managing assets and investments or as a place to live. In its recommendations to the government, the Chamber has identified a number of policy areas that should be addressed if Hong Kong were to respond to the needs of global families and compete as a location of choice.

The Chamber supports the extension of the Competition (Block Exemption for Vessel Sharing Agreements) Order (“the Order”) in its current form for another term of five years. We believe that the existing Order and proposed period of extension will provide a stable and predictable regulatory environment for and in sustaining the competitiveness of Hong Kong’s shipping and logistics sector– a major pillar of our economy. We also continue to advocate for the removal of the market share limit for vessel sharing agreements currently imposed under the Order for the reasons set out in our response.