Source: Hong Kong Government special administrative region
TAC briefed on action plan to enhance maintenance strategies of public roads and latest operating environment of public light bus tradeIssued at HKT 16:28
NNNN
MTRC urged to make improvements
Source: Hong Kong Information Services
(To watch the full media session with sign language interpretation, click here.)
Chief Executive John Lee urged the Mass Transit Railway Corporation (MTRC), following three service suspensions this year, to enhance its entire railway network system and strengthen its contingency planning and response to such incidents.
Mr Lee made the statement while meeting the media ahead of this morning’s Executive Council meeting and pointed out that in regard to the MTRC’s suspension of service, particularly the event last Thursday, together with two other incidents that happened this year, shows that there are inadequacies in the railway operator’s emergency response and contingency planning.
He also made it clear that the Transport & Logistics Bureau has already asked the MTRC to submit a comprehensive investigation report within one month and recommend remedial action.
Mr Lee stressed that he thinks it is more important to focus on prevention as well as the response when there are, unfortunately, such incidents. Consequently, Mr Lee proposed four requests.
“First, the MTRC must review the entire railway network system comprehensively and systematically to enhance it. This includes improving maintenance standards, renewing equipment and components, using new technologies and establishing a regular risk-monitoring and assessment system.
“Second, the MTRC must strengthen its emergency response and contingency handling capabilities and training. This includes incident reporting and information dissemination, setting up dedicated emergency response teams, increasing manpower, strengthening mobilisation, enhancing communication equipment, and conducting regular drills.
“Third, the MTRC must improve alternative transport arrangements during suspension of service, regularly conduct stress tests and drills, and design an effective information dissemination mechanism that focuses priorities on passengers’ needs and ensures timely and comprehensive information is disseminated to reduce public inconvenience and anxiety.
“Fourth, the Transport & Logistics Bureau, the Transport Department and the EMSD (Electrical & Mechanical Services Department) must exercise leadership and guidance, particularly in the MTRC’s implementation of its five-year plan for facilitating the upgrade, maintenance and technology applications, and system and personnel enhancements.”
The Chief Executive added that prevention is better than rectification, so the MTRC has to comprehensively work in those directions.
Enforcement actions against illegal hillside burial cases
Source: Hong Kong Government special administrative region
Enforcement actions against illegal hillside burial cases
Having examined the data obtained from the pilot scheme, the Government has commenced enforcement actions against illegal burials in the PBGs in phases from July 2021 onwards. Besides conducting enforcement actions in the above-mentioned PBGs, the Government will also commence follow-up actions in other PBGs under the pilot scheme, including posting notices on other unauthorised graves/urn houses/urns before the coming Chung Yeung Festival, with a view to removing unclaimed graves/urn houses/urns as soon as possible after the expiration of the notice period.Issued at HKT 15:00
NNNN
Auction of vehicle registration marks to be held on June 14
Source: Hong Kong Government special administrative region
The Transport Department (TD) today (May 27) announced that the auction of vehicle registration marks will be held on June 14 (Saturday) at Meeting Room S421, L4, Old Wing, Hong Kong Convention and Exhibition Centre, Wan Chai.
“A total of 200 traditional vehicle registration marks (TVRMs) will be put up for public auction in the morning session, and 120 personalised vehicle registration marks (PVRMs) will be put up for auction in the afternoon session. The list of marks has been uploaded to the department’s website, www.td.gov.hk/en/public_services/vehicle_registration_mark/index.html
For the auction of TVRMs, only registration marks starting with “HK” or “XX” and special vehicle registration marks are put up for physical auction. Applicants should attend the auction and take note of the opening price as announced by the auctioneer before participating in the bidding of the mark.(ii) the identity document of the purchaser if it is different from the successful bidder;
(iii) a copy of the Certificate of Incorporation if the purchaser is a body corporate; and
(iv) a crossed cheque payable to “The Government of the Hong Kong Special Administrative Region” or “The Government of the HKSAR”. Any bidder who wishes to bid for both TVRMs and PVRMs on the same day, should bring along at least two crossed cheques for payment of auction prices (for an auctioned mark paid for by cheque, the first three working days after the date of auction will be required for cheque clearance confirmation before processing of the application for mark assignment can be completed). Successful bidders may also pay through the Easy Pay System (EPS), but are reminded to note the maximum transfer amount in the same day of the payment card. Payment by post-dated cheque, cash, credit card or other methods will not be accepted.
Designated webpage for Secondary Six students with information for release of HKDSE exam results updated
Source: Hong Kong Government special administrative region
Designated webpage for Secondary Six students with information for release of HKDSE exam results updatedIssued at HKT 14:30
NNNN
SFST begins visit to Canada
Source: Hong Kong Information Services
Secretary for Financial Services & the Treasury Christopher Hui met representatives of two banks and an insurance group in Toronto yesterday, as he began a five-day visit to Canada.
On arriving in the country, Mr Hui met Royal Bank of Canada’s Wealth Management Group Head Neil McLaughlin, and its Executive Vice President & Global Head, Strategy, Products and Digital Investing Stuart Rutledge.
He then proceeded to Scotiabank to meet its Group Head for Global Wealth Management Jacqui Allard, and its Strategic Cultural Segments Vice President Amit Brahme. Both banks are deeply interested in Hong Kong’s wealth management sector.
Mr Hui outlined that Hong Kong is currently the largest cross-border wealth management hub in Asia, with some anticipating the city will leap into first place globally by 2028.
He added that family offices are an important segment of Hong Kong’s asset and wealth management sector. Private banking and private wealth management business attributed to family office and private trust clients in Hong Kong was valued at US$185.2 billion at the end of 2023.
Mr Hui also spoke about the diversity of financial products in Hong Kong and the recent passage of stablecoin legislation, emphasising that investors have a plethora of options.
He encouraged the two Canadian banks to leverage the strengths of Hong Kong’s asset and wealth management industry and establish a presence in the city.
Mr Hui also met Power Corporation of Canada’s Group Vice President & Head of Asia Henry Liu.
He briefed Mr Liu on the facilitation and concessions provided by the Hong Kong Special Administrative Region Government to family offices looking to set up or expand their business in the city. This includes no licence requirement for a single family office under the Securities & Futures Ordinance if it does not carry out regulated business activity in Hong Kong. Single family offices can also enjoy profit tax exemption for qualifying transactions.
Mr Hui also highlighted the Hong Kong SAR Government’s efforts to enhance preferential tax regimes in relation to funds, single family offices and carried interest. The Government intends to submit legislative proposals to the Legislative Council for consideration next year, with an aim to implement enhancement measures from the 2025-26 year of assessment.
Power Corporation of Canada operates a wide range of businesses spanning insurance, wealth management and investment across North America, Europe and Asia. Mr Hui urged the company to leverage Hong Kong’s ideal business environment, stability and predictability to facilitate the setting up of family offices in the city.
Special announcement on fire in Tin Shui Wai
Source: Hong Kong Government special administrative region
Special announcement on fire in Tin Shui WaiIssued at HKT 13:35
NNNN
Speech by FS at International Data Industry Alliance Global Summit (English only)
Source: Hong Kong Government special administrative region
Following is the speech by the Financial Secretary, Mr Paul Chan, at the International Data Industry Alliance (IDIA) Global Summit today (May 27):
Allen (Honorary Chairman of the IDIA, Mr Allen Yeung), Herbert (Co-Chairman of the IDIA Mr Herbert Chia), Vincent (Co-Chairman of the IDIA Mr Vincent Chan), Leo (President of KN Group, Mr Leo Chan), representatives of governments from around the world, distinguished guests, ladies and gentlemen,
My sincere thanks to the IDIA for organising this important event. And to all of you for lending your time and expertise to make this inaugural Summit a success. Let’s join hands to foster meaningful dialogue, deepen partnerships, and shape a smarter and more connected world. Thank you very much.
Hong Kong and Maldives enter into tax pact (with photos)
Source: Hong Kong Government special administrative region
Hong Kong and Maldives enter into tax pact Issued at HKT 19:09
Hong Kong today (May 26, Maldives time) signed a comprehensive avoidance of double taxation agreement (CDTA) with Maldives in that country. It sets out the allocation of taxing rights between Hong Kong and Maldives, which will help investors better assess their potential tax liabilities from cross-border economic activities.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “Maldives is a participant in the Belt and Road Initiative. This CDTA, which is the 52nd that Hong Kong has concluded, signifies the ongoing achievements of the Hong Kong Special Administrative Region (HKSAR) Government in expanding Hong Kong’s CDTA network, in particular with tax jurisdictions participating in the Belt and Road Initiative. I have every confidence that this CDTA will further promote economic and trade connections between Hong Kong and Maldives. We will continue to seek to sign CDTAs with other tax jurisdictions. This will enhance the attractiveness of Hong Kong as a business and investment hub and consolidate the city’s status as an international economic and trade centre.”
In accordance with the Hong Kong-Maldives CDTA, Hong Kong companies can enjoy double taxation relief in that any tax paid in Maldives, whether directly or by deduction, will be allowed as a credit against the tax payable in Hong Kong in respect of the same income under the tax laws of Hong Kong.
The CDTA also provides the following tax relief arrangements:
(a) Maldives’ withholding tax rate for Hong Kong residents on dividends will be capped at 5 per cent or 10 per cent (depending on the percentage of their shareholdings);
(b) Hong Kong airlines operating flights to and from Maldives will be taxed at Hong Kong’s corporation tax rate on their profits, and will not be taxed in Maldives; and
(c) Profits from international shipping transport earned by Hong Kong residents arising in Maldives will enjoy a 50 per cent tax reduction in Maldives.
The Commissioner of Inland Revenue, Mr Benjamin Chan, signed the CDTA on behalf of the HKSAR Government with the Commissioner General of Taxation of the Inland Revenue Authority, Mr Hassan Zareer, representative of the Government of Maldives, on the margins of the Eighth High-level meeting of the Asia Initiative hosted by Maldives.
The CDTA will come into force after completion of ratification procedures by both jurisdictions. In Hong Kong, the Chief Executive in Council will make an order under the Inland Revenue Ordinance (Cap. 112), which will be tabled at the Legislative Council for negative vetting. Details of the Hong Kong-Maldives CDTA are available on the Inland Revenue Department’s website.
The Asia Initiative was launched by the Global Forum on Transparency and Exchange of Information for Tax Purposes of the Organisation for Economic Co-operation and Development in 2021. It focuses on developing tailored solutions to ensure the implementation of tax transparency standards across Asia and enhancing regional co-operation. To date, Hong Kong and 16 other tax jurisdictions have joined the Asia Initiative.
Issued at HKT 19:09
Cultural and Creative Industries Development Agency leads industry delegation to participate in 21st China (Shenzhen) International Cultural Industries Fair (with photos)
Source: Hong Kong Government special administrative region
Cultural and Creative Industries Development Agency leads industry delegation to participate in 21st China (Shenzhen) International Cultural Industries Fair
The Commissioner for Cultural and Creative Industries, Mr Victor Tsang, said in his speech during the opening ceremony of the Hong Kong Pavilion held on May 22, that the Hong Kong Pavilion covered many elements to highlight the latest achievements of Hong Kong’s cultural and creative industries. There was an extensive portfolio of works from well-known iconic brands and creators with a long history, and also from a number of Hong Kong new-generation creators and brands. The designs presented a rich selection of East-meets-West in Hong Kong’s culture, and designgers have been committed to continuous reinvention based on the profound cultural heritage of their creations. The Hong Kong Pavilion allowed visitors to understand various aspects of Hong Kong’s culture and creative industries, and to experience more deeply what makes Hong Kong a distinguished and unique place.
The Hong Kong Pavilion comprised four zones, exhibiting films, comics, art toys, fashion, jewellery and lifestyle products from 14 units of Hong Kong designers or brands, with an aim to showcase the latest achievements in Hong Kong’s cultural and creative industries. Highlights of the pavilion included that the Art Toy Zone was iterated as a creation by three art toy designers, namely Kenny Wong, Lung Ka-sing and Pucky who created their art toys of Molly, Labubu and Pucky respectively; the Fashion Zone featured a classic denim brand and unique Hong Kong fashion designs, motifs and accessories; whereas the Jewellery and Lifestyle Zone featured innovative products by Hong Kong iconic brands, namely Red A, Made by Camel and Chow Tai Fook. The Film and Comics Zone showed footage from eight of the films directed by film director Yang Fan spotlighting multiple remarkable Hong Kong movie scenes and well-known actors, and works from comics artists Joseph Wong, Jerry Cho and Pen So.
The Hong Kong Pavilion also hosted a number of exciting activities during the fair period, including music and dance performances, fashion parades, sharing times and book signing sessions to showcase the cultural soft power of Hong Kong.
As an international and comprehensive cultural industries exhibition at the national level, the ICIF assumes an important business platform for China’s cultural products and projects, promoting the development of Chinese cultural industries and propelling Chinese cultural products to go global. During the fair, Mr Tsang, had meetings with cultural and creative organisations from around the world in order to strengthen connections and join hands with the industry to develop international markets, introducing more outstanding Hong Kong cultural and creative works to counterparts on the Mainland and around the world.
The works and products in the 21st ICIF Hong Kong Pavilion are tentatively planned to be exhibited at the DX Design Hub at 280 Tung Chau Street, Sham Shui Po, Kowloon, in August this year. The exhibition will be open to the public and details will be available in due course.
Issued at HKT 19:33
NNNN