Proprietors fined for violation of safety legislation
Ben's Tak China H.K. Machinery Transportation Limited and a proprietor were fined $170,000 and $130,000 respectively at the Fanling Magistrates' Courts today (December 9) for violations of the Factories and Industrial Undertakings Ordinance and the Factories and Industrial Undertakings (Lifting Appliances and Lifting Gear) Regulations. The prosecutions were launched by the Labour Department.
The case involved a fatal accident that occurred on December 23, 2024, at an open storage yard in Sheung Shui. Standing beside a lorry-mounted crane, a worker was struck by metal pipes that suddenly rolled off the deck of the crane after unfastening the tightening straps securing the metal pipes. The worker was certified dead on the same day.
Public consultation on implementation of Crypto-Asset Reporting Framework and amendments in relation to Common Reporting Standard launched
The Government today (December 9) launched a public consultation on the implementation of the Crypto-Asset Reporting Framework (CARF) and amendments in relation to the Common Reporting Standard (CRS) promulgated by the Organisation for Economic Co-operation and Development (OECD) in Hong Kong.
Hong Kong has long been supportive of international efforts to enhance tax transparency and combat cross-border tax evasion. Since 2018, Hong Kong has been exchanging financial account information automatically with partner jurisdictions on an annual basis in accordance with the CRS developed by the OECD, which enables the relevant tax authorities to utilise such information for tax assessments, as well as for detecting and combating tax evasion.
In light of the rapid development of digital asset markets in recent years, in 2023, the OECD published CARF to provide for the automatic exchange of tax information on crypto-asset transactions with partner jurisdictions on an annual basis, and incorporated into the CRS new digital financial products and enhanced requirements regrading reporting and due diligence.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said,"To demonstrate our commitment to promoting international tax co-operation and combating cross-border tax evasion, as well as to fulfil our international obligations, Hong Kong will make amendments to the Inland Revenue Ordinance (Cap. 112) (the Ordinance) for implementing CARF and the newly amended CRS. This is also of paramount importance in maintaining Hong Kong's reputation as an international financial and commercial centre.
"The Government plans to complete the necessary local legislative amendments in the coming year, with a view to commencing the automatic exchange of tax information on crypto-asset transactions with relevant partner jurisdictions starting from 2028, and implementing the newly amended CRS starting from 2029. Hong Kong will implement the automatic exchange of tax information with suitable partners, which are required to meet the standards relating to the protection of data confidentiality and security, on a reciprocal basis."
In addition, since 2024, the OECD has been conducting the second round of a peer review on the effectiveness of Hong Kong's administrative framework for implementing the CRS. Having taken into consideration the OECD's views, the Government proposes, through amendments to the Ordinance, to introduce mandatory registration for financial institutions to enhance identification, as well as to raise the penalty levels and enhance the enforcement mechanism, in order to maintain a favourable rating in the OECD's peer reviews and maintain Hong Kong's reputation as an international financial and commercial centre.
The consultation paper is available on the website of the Financial Services and the Treasury Bureau (www.fstb.gov.hk/tb/en/others/consultation.htm). It outlines CARF and the newly amended CRS promulgated by the OECD, and sets out in detail the abovementioned legislative proposals and relevant implementation matters (including reporting procedures, record-keeping requirements, penalty levels and enforcement, etc). Members of the public are welcome to forward their views on the proposals by post (24/F, Central Government Offices, 2 Tim Mei Avenue, Tamar, Hong Kong) or email (carf@fstb.gov.hk) by February 6, 2026.
Source: AI-found images
