Source: Hong Kong Government special administrative region
Appointment to Chief Executive’s Policy Unit Expert Group announced
The Head of the CEPU, Dr Stephen Wong, expressed his heartfelt gratitude to the Expert Group members for putting forth their views and suggestions proactively, as well as for their generous sharing of expertise, insights and research findings in their respective fields over the past year. These contributions have provided important references for the Policy Address.
Dr Wong said, “In addition to plenary meetings, the interaction between the CEPU and Expert Group members took various forms in the past year, including forums, seminars, sharing sessions, group discussions, individual meetings, visits and written exchanges, etc. The CEPU also invites universities and think tanks from the community that have received funding support under the Public Policy Research Funding Scheme and the Strategic Public Policy Research Funding Scheme to organise opening and concluding seminars. Members of the Expert Group are invited to provide views from their industry perspectives to enhance the applicability of the research studies. They also serve as external examiners for the two funding schemes, assisting in vetting relevant research proposals and advising on funding applications.”
Dr Wong continued, “I look forward to maintaining close liaison and co-operation with Expert Group members in the coming year, and to working together to assist the HKSAR Government on the 2024 Policy Address goal of ‘Reform for Enhancing Development and Building Our Future Together’.”
As an advisory body, the CEPU Expert Group was established in May 2023 and consists of members of different backgrounds including business, finance, professional, think-tanks and academia to provide expert views and new ideas to the CEPU on various topics. To facilitate the work of the Expert Group and its conduct of more focused discussions, members of the Expert Group are assigned into three broad streams, namely the Economic Advancement Expert Group, the Social Development Expert Group and the Research Strategy Expert Group. For details of the events of the Expert Group, please refer to the website of the CEPU:
(www.cepu.gov.hk/en/whats_new/index.html
The full membership of the Expert Group is as follows (listed in alphabetical order of surnames):
Economic Advancement Expert GroupMrs Bonnie Chan Woo
Dr Haywood Cheung
Mr Hong Xiaoyuan
Mr Peter Kung
Mr Adam Kwok
Mr Peter Lai
Mr David Lau
Dr Martin Lee
Ms Nisa Leung
Mr Laurence Li, SC
Mr Li Xiguang
Mr Dowson Tong
Mr Patrick Tsang
Dr Levin Wang
Mr Allen Yeung
Mr Samuel Yung
Mr Jonathan Zhu
Social Development Expert GroupDr Eugene Chan
Mr Kevin Chan
Mr Nicholas Chan
Mr Chen Shaobo
Mr Albert Lee
Mr Edward Liu
Ms Anthea Lo
Ms Lo Po-man
Mr Lo Wing-hung
Dr Lewis Luk
Dr Ma Jun
Dr Chloe Suen
Mr Tai Hay-lap
Dr Stephen Tai
Mr Tang Fei
Mr Xu LinProfessor Thomas Chan
Mr Chang Ka-mun
Professor Christopher Chao
Dr Francis Cheung
Dr Chow Man-kong
Dr Chow Pak-chin
Dr Guo Wanda
Professor Alfred Ho
Dr Henry Ho
Professor Huang Ping
Professor Lau Pui-king
Professor Lau Siu-kai
Professor Dennis Lo
Professor Francis Lui
Professor Terry Lum
Professor Mao Zhenhua
Professor Charles Ng
Professor Naubahar Sharif
Dr Wang Fuqiang
Professor Richard Wong
Professor Wong Yuk-shan
Professor Xiao Geng
Professor Zheng Yongnian
Issued at HKT 16:00
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Anti-tax evasion bill passed
Source: Hong Kong Information Services
The Hong Kong Special Administrative Region Government today welcomed the Legislative Council’s passage of a bill which seeks to tackle tax evasion risks arising from the digitalisation of the economy.
The Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024, formulated in accordance with the Base Erosion & Profit Shifting 2.0 (BEPS 2.0) package promulgated by the Organisation for Economic Co-operation & Development, introduces the global minimum tax (GMT) and the Hong Kong minimum top-up tax (HKMTT) starting January 1, 2025.
It is estimated that the new regimes will bring in an additional revenue of about $15 billion per year from 2027-28 to the Hong Kong SAR Government.
Secretary for Financial Services & the Treasury Christopher Hui said the implementation of the GMT and the HKMTT highlights Hong Kong’s staunch support to international co-operation in tackling cross-border tax evasion, and safeguards Hong Kong’s taxing rights.
“With the 15% GMT for in-scope multinational enterprise (MNE) groups in place, countries and regions can no longer compete for capital and investment by simply lowering their corporate income tax rates.
“With a fairer global taxation environment, our unique advantages such as ‘one country, two systems’, excellent connectivity, first-class infrastructure, mature financial markets, quality talent pools, East-meets-West vibes etc will become even more accentuated to showcase Hong Kong as a premier destination for doing business.”
Under BEPS 2.0, MNE groups with an annual consolidated revenue of 750 million euros or above in at least two of the four fiscal years immediately preceding the current fiscal year will need to pay a GMT of at least 15% on profits derived from every jurisdiction in which they operate.
By imposing the HKMTT, the Hong Kong SAR Government will have the first priority in collecting top-up tax from entities of an MNE group with an effective tax rate (ETR) in Hong Kong below 15%, in order to raise the ETR to 15%. Otherwise, the top-up tax may be collected by other BEPS 2.0-implementing jurisdictions in which the group also operates. Moreover, Hong Kong’s taxing rights would then be ceded to other jurisdictions.
The Hong Kong SAR Government added that the GMT and HKMTT regimes have incorporated a number of features to facilitate compliance by in-scope MNE groups.
The Inland Revenue Department has set up a dedicated team to provide technical support and answer enquiries about BEPS 2.0. The department will also publish online guidance addressing common concerns.
Legislation for implementing Registered Fire Engineer Scheme submitted to Legislative Council
Source: Hong Kong Government special administrative region
Legislation for implementing Registered Fire Engineer Scheme submitted to Legislative CouncilIssued at HKT 19:00
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Hong Kong Customs seizes suspected methamphetamine and suspected cannabis buds at airport (with photos)
Source: Hong Kong Government special administrative region
Hong Kong Customs seizes suspected methamphetamine and suspected cannabis buds at airport
The first case involved a 37-year-old woman who arrived in Hong Kong from Kuala Lumpur, Malaysia, yesterday. During customs clearance, Customs officers found a batch of suspected methamphetamine, weighing about 6kg, concealed inside some tea leaf packaging bags in her check-in suitcase. She was subsequently arrested.
After an investigation, the arrested person has been charged with one count of trafficking in a dangerous drug. The case will be brought up at the West Kowloon Magistrates’ Courts tomorrow (May 29).
The second case involved a 21-year-old male passenger who arrived in Hong Kong from Bangkok, Thailand, this morning. During customs clearance, about 12kg of suspected cannabis buds were seized from his check-in suitcase. The man was subsequently arrested. The dangerous drugs were packed in plastic bags and vacuum bags and were mix-loaded with personal belongings.
The investigation of the second case is ongoing.
Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.
Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.
Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.
Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hkIssued at HKT 18:55
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Police to add over 1.2k recruits
Source: Hong Kong Information Services
The Police Force has a target of recruiting 130 probationary inspectors and 1,140 police constables for the 2025-26 financial year.
Secretary for Security Tang Ping-keung told legislators today that as at March 31 this year, the numbers of vacancies in the force for the grades of rank and file, inspectorate officers and gazetted officers, ie Superintendents and above, were 5,500, 236 and 29 respectively.
The overall number of vacancies was 5,765, representing a vacancy rate of about 17.4%, which is similar to figures over the past three years.
To enhance the effectiveness of recruitment efforts, the force has adopted a multi-pronged approach. Besides conducting recruitment exercises throughout the year, it organises various recruitment activities on a regular basis.
Additionally, the force has expanded its recruitment network by conducting recruitment exercises at universities worldwide.
Mr Tang said the rise in the number of people applying to join the Police Force in recent years shows that its recruitment strategies are effective.
He added that the force will align with the Government’s requirement to reduce the civil service establishment by 2% each year in 2026-27 and 2027-28, while continuing to review and assess the effectiveness of using different resources.
By re-establishing work priorities, appropriately redeploying staff and using technologies to enhance operational effectiveness, he stressed, the force will ensure that the adjustment in numbers does not affect the efficiency and provision of its services, and that it will continue to provide the public with high-quality and efficient policing.
LCQ16: HKSAR Government Scholarship Fund
Source: Hong Kong Government special administrative region
LCQ16: HKSAR Government Scholarship Fund
Academic year($ million)($ million)($ million)($ million)($ million)
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