Important question: what do you call people who try to bomb innocent civilians?
This is an amazing story.
I'll give you the facts – you decide on the answer.
A group of individuals, extremely well-financed by persons unknown, committed horrendous crimes – running bomb factories, gathering explosives for terrorist grade mass casualty attacks designed to kill Hong Kong people in Mongkok and Wan Chai, and plotting to kill "popo", slang for murdering police officers.
This is not in question. Most quickly admitted the crimes, and asked for bail, promising not to flee. Hong Kong has an unusually lenient legal system, so they were duly released. This was in the late summer of 2020.
But here's what happened next. Mysterious persons paid a fortune to people-smugglers to help them jump bail, and they got on a boat to go to Taiwan, a Chinese island province.
When they were rearrested, in the last week of August, the media had to think of a label for them.
Now we all know that if people planning terrorist-grade mass casualty attacks on innocent people had my color skin, looking something like this, they would be called terrorists, wannabe cop-killers, bombers and so on.
But here's the key fact. They weren't dark-skinned. Moreover, they were anti-China people associated with Hong Kong anti-China groups financed by the United States.
So here's how they were actually labelled.
The New York Times called them "activists".
The Washington Post called them "protesters"
The BBC called them "democracy activists".
The Wall St journal called them "Hong Kong residents" as if it's perfectly normal for residents of this city to blow it up!
The Hong Kong Free Press said they were "Hongkongers trying to flee".
Reuters said they were "young men".
US Secretary of State Mike Pompeo indicated they were heroes. They "deserved a hero's welcome". He added: "America stands with them."
So there we have it – people who literally tried to blow up innocent Hong Kong people with bombs in a mass casualty event are presented to the world as activists and "hong kong residents" and even "heroes".
Now coming up to date, a related trial has opened, in which gang leaders have fully admitted their plan to create a mass casualty event in my home city – a dramatic plot to kill large numbers of innocent Hong Kong people. It was foiled by police, literally hours before it was due to take place.
Guess what?
The western mainstream media outlets have chosen not to cover the trial. So no one around the world is hearing about it.
Why not? Let's be honest here.
Most mainstream journalists covering Hong Kong and mainland China have abandoned journalism. They have become propagandists with an agenda to demonize China to justify a planned American war, and the trial doesn't fit that narrative.
But you know what? Journalism is too important to let these people kill it.
The truth is important. A lie is still a lie even if the whole world believes it, and the truth is still the truth if even just one person believes it.
So you and I have to step in and do that job. We are the media now.
by Nury Vittachi
Lai See(利是)
** 博客文章文責自負,不代表本公司立場 **
The continued success of Hong Kong over the years can be attributed to one fact: it’s low and simple tax system. It has always been a major selling point to woo expatriate experts to Hong Kong to drive its financial and other services to be competitive with world markets.
US doomsday prophet Stephen Roach was quick to point out that thousands left Hong Kong during the COVID pandemic in 2020. But he has failed to mention the thousands that have returned since that dark period, which, according to US financial media giant Bloomberg, are responding to a booming initial public offering market, planned tax breaks for private equity and hedge funds, and a more vibrant city.
Bloomberg provided its financial clients worldwide with an in-depth feature on Hong Kong as it is today. Titled “Finance Expats Flock Back to Hong Kong Seeking Low Taxes, Better Jobs”, the 2,500-word article cited expatriates who had left and returned saying that although the cost of living in Hong Kong was relatively high, the tax relief outweighed these costs.
Hong Kong’s tax is simple. It is divided into three categories – individual, business and property owners. For individuals the standard tax rate is 15 per cent, for businesses, a two-tiered profits tax applies – 8.25 per cent of the first HK$2 million and 16.5 per cent thereafter – and property tax is 15 per cent of net assessable value. There is also an ad valorem stamp duty on property transactions ranging from $100 on property under $4 million to 4.25 per cent on property exceeding $27.39 million. Transactions exceeding $100 million hit a rate of 6.5 per cent duty.
There is no sales tax (save for tobacco and alcohol), VAT, withholding tax, capital gains tax, estate tax or dividend tax. The global average for sales tax is 13.7 per cent and the Asian average is 9.6 per cent.
Bloomberg noted that there were 31,278 employment visa approvals last year, more than double the number five years ago, with many going to nationals from Japan, South Korea and the UK. In financial services, some 2,343 visas issued to foreigners rose by 17 per cent last year to the highest since 2022.
While the sustainability of the influx may hinge on the strength of the IPO market, global financial firms including Bank of America and HSBC Holdings are among those signalling confidence in Hong Kong. Many new high-rise office blocks which saw low occupancy rates a few years ago are now reporting almost full capacity, another indicator of confidence in the business sector. Bloomberg said Hong Kong is aggressively promoting the city’s low taxes and comparative lack of red tape to the world’s ultra-rich business owners and money managers.
Hong Kong and Singapore rank third and fourth behind New York and London in the latest Global Financial Centres Index. Singapore’s tax rate is similar to Hong Kong (15 per cent for eexpatriates,4 per cent for director’s fees, and 17 per cent flat rate for corporations). A number of individuals and corporations fled to Singapore during the pandemic, but with Hong Kong fast becoming the financial hub of Asia, many are now returning, causing the Singapore Monetary Authority to entice investment firms to stay by cutting their taxes.
With neighbouring countries upping their incentives to woo the investment firms and experts, Hong Kong is keeping ahead of its competitors by eliminating the tax on hedge fund profits and plans to promote the development of Corporate Treasury Centres (CTCs). The tiered tax regime proposed is precisely designed to address the main points of the industry in a targeted manner, providing eligible corporations with more comprehensive tax benefits, greater tax certainty, and enhanced compliance flexibility. The government will also revamp the existing tax concession regime applicable to corporate treasury activities and introduce a more competitive tiered system. These measures include refining the existing concession regime and introducing a pre-approval mechanism. Pre-approved CTCs and their pre-approved associated companies will enjoy more favourable tax benefits, greater tax certainty and enhanced compliance flexibility.
These innovative, pragmatic, and competitive measures are expected to attract more multinational corporations from different regions and sectors to make full use of Hong Kong's role as a platform with the new catch phrase of 'bringing in and going global', and to bring their funds and core business to Hong Kong for centralized management, thereby strengthening Hong Kong's position as a major base for CTCs.
In June the government announced that with immediate effect, tax on the profits of hedge funds would be eliminated. By removing taxes on performance income, which are typically levied on profits generated from investment strategies, the city aims to create a more attractive environment for hedge fund operations. By eliminating the tax burden on performance income, Hong Kong is positioning itself as a favourable jurisdiction for hedge funds seeking to maximize their profitability. Industry experts predict that this policy change could lead to an influx of hedge funds relocating to Hong Kong, as fund managers look for jurisdictions that offer more favourable tax regimes.
Hong Kong’s long-standing policy of a low tax regime has been the magnet to draw the best of the best to its shores and invest in its future as a leading global financial centre.
