Government welcomes passage of Rating (Amendment) Bill 2024
The Government welcomed the passage of the Rating (Amendment) Bill 2024 by the Legislative Council today (October 23). The Bill gives effect to the progressive rating system for domestic tenements, which will take effect from the fourth quarter of this financial year (i.e. January to March 2025), to uphold the principle of "affordable users pay".
Starting from the fourth quarter of this financial year, for domestic tenements with a rateable value (RV) of $550,000 or below, rates will continue to be charged at 5 per cent of the RV. For domestic tenements with an RV exceeding $550,000, rates will be charged at the same rate of 5 per cent for the first $550,000, 8 per cent for the next $250,000, and 12 per cent for the remaining RV.
Non-domestic tenements, including tenements used for business activities or social services, e.g. commercial building, industrial building, shop, hotel, nursery, home for the elderly, youth hostel, holiday camp, etc, will not be subject to the progressive rating system.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The progressive rating system endeavours to strike a balance between upholding the 'affordable users pay' principle and minimising the number of ratepayers affected. In formulating the progressive rating system, the Government has taken into account a basket of factors, including the affordability of ratepayers of domestic tenements, the market rentals as reflected in the RV, the number of affected ratepayers and the amount of additional rates to be paid, the estimated increase in revenue from rates, as well as the fundamental principle of maintaining a simple rating system. The progressive rating system is part of the Government's comprehensive fiscal consolidation programme. It is expected that government revenue will increase by about $820 million each year. The affected domestic tenements account for about 1.9 per cent of the total number of private domestic tenements in Hong Kong."
The Bill will be gazetted on November 1. The Rating and Valuation Department will inform the affected ratepayers. The quarterly demands to be issued in the fourth quarter of this financial year will reflect the progressive rates for applicable cases.
Speech by FS at LumiVoce Foundation 10th anniversary Gala Dinner
Following is the speech by the Financial Secretary, Mr Paul Chan, at the LumiVoce Foundation 10th anniversary Gala Dinner today (April 18):
Dr Ying Ying Liu (Founder and Board Co-Chair of LumiVoce Foundation), Clarie (Board Co-Chair of LumiVoce Foundation and Chairman of Organizing Committee of Gala, Ms Clarie Lo), LumiVoce Foundation Board members, distinguished guests, ladies and gentlemen,
Good evening. It gives me great pleasure to join you tonight to celebrate the 10th anniversary of the LumiVoce Foundation.
Over the past decade, LumiVoce has shown how music and arts can inspire a deep love for wildlife and biodiversity in young people, and how that love can be turned into action for a more sustainable planet.
By bringing together aesthetic education with social and emotional learning, LumiVoce has pioneered a distinctive education approach in Hong Kong, nurturing not only environmental awareness, but also emotional well-being, especially for children growing up in a fast-paced, high-pressure city.
Our gathering tonight indeed reminds us of the scale and urgency of the challenge we face. In recent years, the world has experienced some of the hottest years on record, with more frequent extreme weather events. We have only one planet to call home. If humanity is to survive and thrive, we must act together - across borders, sectors and generations - to tackle climate change, and to preserve and restore the biodiversity that underpins our food, our health, our economies, and, above all, the beauty of this planet.
Development and environmental conservation are not mutually exclusive. As President Xi Jinping captured this so compellingly in the saying: "".
Across our country, for example, the green transition is turning once-barren land into arable land and vast fields of wind farms and solar panels, alongside ecological restoration that creates new livelihoods for local herders and communities. It is a vivid reminder of the essence of sustainable development: a virtuous cycle in which economic progress, ecology and social well-being advance together.
The Hong Kong SAR (Hong Kong Special Administrative Region) Government fully shares this belief. Investing in nature, at its heart, is investing in lasting prosperity. As we pursue carbon neutrality, we are seeing the emergence of new industries, technologies and value chains.
The same is true as we enhance biodiversity and strengthen ecological resilience. Last December, we released Hong Kong's updated Biodiversity Strategy and Action Plan 2035. This is our blueprint to protect and restore ecosystems and wildlife, to mainstream biodiversity across sectors, to build conservation capacity, and to deepen local and cross-boundary partnerships.
Our vision is clear: by strengthening our commitment to biodiversity, Hong Kong will become a more sustainable and liveable city, and a meaningful contributor to the biodiversity goals of our country and the world.
But above all, the long-term success of any strategy depends on the hearts and minds of the next generation. It is vital that an appreciation of nature, and a love of wildlife and biodiversity, become the values of our children. This nurtures not only their understanding of the planet, but also their character, empathy, compassion and resilience. It helps them grow into caring, responsible and confident global citizens.
Ladies and gentlemen, this is why your support matters so much. I hope LumiVoce will continue your wonderful work - deepening your programmes, extending your reach, and strengthening the partnerships with educators, parents, businesses and community organisations - all in support of our young people.
Let me also express my sincere gratitude to the many sponsors, donors, partners and volunteers who have stood with LumiVoce over the past decade.
On your 10th anniversary, may I offer my warmest congratulations. I wish you every success in the years ahead, as you continue to illuminate hearts through art and music, and inspire Hong Kong's youth to cherish and protect the remarkable biodiversity of our planet.
Thank you very much.
Speech by FS at LumiVoce Foundation 10th anniversary Gala Dinner Source: HKSAR Government Press Releases
Speech by FS at LumiVoce Foundation 10th anniversary Gala Dinner Source: HKSAR Government Press Releases
