|2022/07/22||Consultation on Proposed Refinements to Hong Kong’s Foreign Source Income Exemption (FSIE) Regime for Passive Income|
The Chamber supports the Government’s efforts to remove Hong Kong from the European Union’s watchlist by introducing changes to our FSIE regime while upholding the key principles of our taxation policy. However, more clarity should be provided on certain issues including the interpretation and application of covered income and economic substance requirement, as well as the eligibility criteria for the proposed participation exemption.
|2022/04/08||Consultation Paper on Proposal to Provide Tax Concession for Family-owned Investment Holding Vehicles|
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.
|2021/11/26||Enhancing Hong Kong’s status as a hub for Family Offices|
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.
|2021/03/19||Consultation Paper on Real-name Registration Programme for SIM Cards|
The Chamber agrees with the Government that there is the need to address the abuse of SIM Cards for criminal purposes, but suggests that consideration should also be given to attendant issues such as data privacy implications and efficacy of a mandatory registration system. In light of the social impact that such regulatory changes may bring, the Chamber recommends that efforts be made to better define the rights and responsibilities of stakeholders, namely, users, operators, and regulators under the proposed programme.
|2021/03/16||Consultation Paper on Outcome Related Fee Structures for Arbitration|
The Chamber agrees with the Law Reform Commission’s proposals to relax the current prohibition of outcome-related fee structures for arbitration to enhance Hong Kong’s competitiveness as an arbitration centre, but suggests that a phased approach be adopted to the implementation of flexible fee structures. Due consideration should also be given to the protection of the interests of smaller businesses opting for such a means of dispute resolution.
|2020/09/17||Follow-up Submission on Proposed Companies (Corporate Rescue) Bill|
The Chamber has made a follow-up response to the Financial Services and the Treasury Bureau based on the latest draft of the Companies (Corporate Rescue) Bill. The response provides further suggestions on the appointment of a provisional supervisor during the corporate rescue procedure and reiterates points made in the Chamber’s earlier submission.
|2020/09/10||Proposal to Provide Tax Concession for Carried Interest|
The Chamber supports the Government’s proposal to provide tax concession for carried interest as this could further strengthen Hong Kong’s status as an international asset management hub and has put forward views on the proposed measures in response to an invitation from the Financial Services and the Treasury Bureau.
|2020/08/07||Submission on Companies (Corporate Rescue) Bill Proposals |
In response to the Financial Services and the Treasury Bureau’s invitation, the Chamber has submitted its views on the Government’s latest proposals to introduce a statutory corporate rescue procedure and insolvent provisions in Hong Kong. The Chamber believe there is a pressing need to provide companies in financial difficulties with an alternative to liquidation especially under the sustained difficulties that Hong Kong has been experiencing since the middle of last year.
|2020/07/31||Potential Tax Treaty Partners for Hong Kong|
The Chamber supports the government’s continuing efforts to expand Hong Kong’s CDTA network and, to that end, has put forward a number of suggested jurisdictions in response to an invitation from the Financial Services and the Treasury Bureau.
|2020/06/09||Submission on Tax Relief Measures for Businesses affected by COVID-19|
The Chamber has made a number of recommendations to the government on providing tax relief measures to further assist businesses that have been hard-hit by the effects of COVID-19. Although the government has rolled out two rounds of anti-epidemic relief measures, in addition to those announced in this year’s Budget, we believe more could be done in the area of taxation policy to help companies weather the severe economic downturn.