Interest rate for Tax Reserve Certificates adjusted
The Inland Revenue Department announced today (October 4) that starting from October 7, 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.8000 per cent against the current rate of 0.8833 per cent, i.e. the new rate will be $0.0667 per month per $100.
Tax Reserve Certificates bear simple interest, and interest is calculated monthly (including part of a month) from the date of purchase to the date of payment of tax. Interest is only credited when certificates are used to pay tax, and no interest is due where the principal value of a certificate is repaid to its holder.
The rate of interest payable on Tax Reserve Certificates is reviewed every month based on the average prevailing interest rate for the 12-month time deposit for $100,000 to $499,999 offered by the three note-issuing banks.
The new rate will apply to all certificates purchased on or after October 7, 2024. Certificates purchased before October 7, 2024, will continue to earn interest at the rates prevailing on their respective purchase dates. Below is a summary of the interest rates for the past periods:
For certificates purchased on or after
March 6, 2023, and before April 3, 2023:
0.7500 per cent per annum
For certificates purchased on or after
April 3, 2023, and before June 5, 2023:
0.7667 per cent per annum
For certificates purchased on or after
June 5, 2023, and before August 7, 2023:
0.8083 per cent per annum
For certificates purchased on or after
August 7, 2023, and before September 4, 2023:
0.8833 per cent per annum
For certificates purchased on or after
September 4, 2023, and before June 3, 2024:
0.9250 per cent per annum
For certificates purchased on or after
June 3, 2024, and before October 7, 2024:
0.8833 per cent per annum
For certificates purchased on or after
October 7, 2024, until further notice:
0.8000 per cent per annum
Interest will cease to accrue after 36 months.
HKETO, Washington DC promotes Hong Kong as hub for life and health sciences
The Hong Kong Economic and Trade Office in Washington, DC, (HKETO, Washington DC), hosted on April 24 (Washington time) a briefing on opportunities in Hong Kong's life and health sciences industry.
The event, entitled "Hong Kong: Current Landscape and Development Opportunities in the Life Sciences Sector", was held under the Economic and Trade Express initiative. It was jointly organised by Invest Hong Kong (InvestHK) and the Hong Kong Trade Development Council (HKTDC) New York Office. The event featured a presentation by co-founder of ElohaX, co-director of the University of Hong Kong-Cambridge AI to Advance Wellbeing and Society Research Platform and Visiting Associate Professor at the University of Cambridge, Professor Jacqueline Lam, on leveraging the strength of Hong Kong being a global "super connector" as well as a hub for converging talent, AI innovation and translational research that successfully transforms research into commercialisation.
The event was attended by members of the Washington Intergovernmental Professional Group and locals from various sectors, including life and health science professionals, federal and local government representatives of the United States (US), think tanks, businesses and other private sector entities.
The Director of the HKETO, Washington DC, Ms Elania Luk, said that with Hong Kong's prominent status as an international financial centre and international innovation and technology (I&T) centre, good human capital (including world-class education institutions and top talent attraction programmes), holistic government support and a strong business and start-up presence, Hong Kong is poised for strong growth in the life and science sector.
"Hong Kong is the second-largest biotech funding hub globally, following only New York. Our listing rules allow pre-revenue companies to list and raise capital.In addition, Hong Kong is home to five of the world's top 100 universities with a world-class research landscape supported by the Hong Kong Science Park and the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone.
"Hong Kong is actively advancing the integrated development of life and health technology at upstream, midstream and downstream levels.On upstream research and development (R&D), we will pursue its development through Life and Health Technology Research Institute and various R&D centres under the InnoHK research clusters.On midstream outcome transformation, the Research, Academic, and Industry Sectors One-plus Scheme has supported 15 projects.As for downstream industries, three major I&T parks together host nearly 500 relevant enterprises and organisations, creating a vibrant ecosystem," Ms Luk added.
The Head of Business and Talent Attraction/Investment Promotion at InvestHK New York Office, Ms Xie Yi, spoke of how the office can provide bespoke services to US companies wishing to set up or expand their operations in Hong Kong to capitalise on regional markets and shared success stories of life and health sciences companies using Hong Kong as a platform for business development and expansion.
The Director (New York & Midwest) of the HKTDC, Mr Curtis Louie, introduced how the Asia Summit on Global Health - one of Hong Kong's flagship exhibition events which will take place on May 11 and 12 - would be relevant for American businesses and how the office's support services and strong networks can facilitate commercial and market opportunities.
Professor Lam shared how ElohaX seeks to improve health and quality of life through AI innovation, particularly with regard to research and therapy for Alzheimer's disease. She spoke of Hong Kong being a launch pad for interdisciplinary AI innovation.
Attendees also enjoyed an exhibition of curated paintings under the theme of "Hong Kong: Our Home". The paintings were commissioned by the Social Welfare Department under the Arts Development Fund for Persons with Disabilities, in collaboration with various non-governmental organisations. The paintings, among other things, exemplify Hong Kong's efforts in unleashing the potential of persons with disabilities in artistic activities and their contribution to society.
HKETO, Washington DC promotes Hong Kong as hub for life and health sciences Source: HKSAR Government Press Releases
HKETO, Washington DC promotes Hong Kong as hub for life and health sciences Source: HKSAR Government Press Releases
HKETO, Washington DC promotes Hong Kong as hub for life and health sciences Source: HKSAR Government Press Releases
HKETO, Washington DC promotes Hong Kong as hub for life and health sciences Source: HKSAR Government Press Releases
