Town Hall Forum with Nicolas Aguzin, CEO of HKEX
Town Hall Forum Series
Despite global upheaval, Hong Kong’s capital markets have continued to demonstrate their resilience and maturity. Hong Kong Exchanges and Clearing (HKEX) has maintained its attractiveness to global investors, even amid Covid-19. Nicolas Aguzin, Chief Executive of HKEX, spoke at the Chamber’s Town Hall Forum on 8 September about his plans to enhance the competitiveness of the bourse in the fast-evolving, interconnected global markets of the future. He also discussed HKEX’s strategy in connecting China with the world, the bourse’s sustainability strategy, and the opportunities and challenges ahead for HKEX and Hong Kong as an international financial centre.
Decoding BEPS 2.0: What This Means for Hong Kong Businesses
Hong Kong is likely to amend its tax regime to align with the OECD’s proposals to ensure that large businesses pay a minimum level of tax of 15%, regardless of where they operate.
At a webinar on 1 September, Ivor Morris, Partner at KPMG, said that the proposals, commonly known as BEPS 2.0, would involve the imposition of a global minimum effective tax rate of at least 15% on groups with a turnover in excess of 750 million euros. He explained that there will be knock-on effects on domestic tax rules from such a global tax reform, as existing tax breaks and incentives in Hong Kong generally result in an effective tax rate for large businesses of below 15%. This means Hong Kong would no longer to be able compete as a low-tax jurisdiction and will have to work on improving its non-tax offerings if it is to remain attractive to international businesses.