The Chambers continues to express support for the Government’s efforts in developing a robust market for VA development in Hong Kong, thereby recommending that the development of the proposed licensing regime for over-the-counter VA trading services strikes a balance between facilitating the continued demand for VA trading opportunities amidst the rapidly evolving digital landscape, against the need to safeguard investor interests and preserve market integrity.
In its response, the Chamber also puts forward suggestions on the execution of the legislative proposals, in such aspects as the scope of services which would be permitted under the new licensing regime as well as the proposed supervisory scope.

The Chamber strongly advocates for greater collaboration with the international community in enhancing tax transparency and combating tax evasion amid the growing digitalisation of the economy. With the imminent implementation of the GloBE rules and the complexity they entail, we urge the Government to provide comprehensive guidance on all facets of the new rules to assist businesses in their compliance efforts.

The Chamber firmly believes in the critical importance of expanding Hong Kong’s tax treaty network and has put forward a number of suggested jurisdictions in response to an invitation from the Financial Services and the Treasury Bureau. We hold high hopes that substantive progress can be achieved in the near term by actively engaging the jurisdictions. Additionally, we highly recommend that the Government allocate additional resources to expedite the process.