Government Announces Action Plan to Promote Development of Corporate Treasury Centres in Hong Kong

Government announces Action Plan to Promote Development of Corporate Treasury Centres in Hong Kong

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (June 9) unveiled the Action Plan to Promote the Development of Corporate Treasury Centres in Hong Kong (Action Plan) at the Corporate Treasury Centre Forum. The Action Plan sets out targeted strategies to strengthen Hong Kong as a premier hub for multinational corporate treasury centres (CTCs), elevating Hong Kong as a major base for CTCs and reinforcing its role as a platform for "bringing in and going global".

Jointly formulated by the Financial Services and the Treasury Bureau (FSTB), the Inland Revenue Department (IRD), the Hong Kong Monetary Authority (HKMA) and Invest Hong Kong (InvestHK), the Action Plan has two major objectives, namely to attract more multinational corporations to establish CTCs in Hong Kong, and to enable existing CTCs operating in Hong Kong to scale up their operations and fully leverage the city's comprehensive financial ecosystem.

The Action Plan adopts a "4T" framework to encourage multinational corporations from around the world to centralise their fund management, asset allocation and risk management in Hong Kong. Key highlights include:

• Tax revamp: The Government will revamp the existing tax concession regime applicable to corporate treasury activities and introduce a more competitive tiered system. Measures include refining the existing concession regime and introducing a pre-approval mechanism. Approved CTCs and their associated companies will enjoy more favourable tax benefits, greater tax certainty and enhanced compliance flexibility. The Government will conduct a public consultation within this year, with a target of submitting legislative amendment proposals to the Legislative Council in the first half of next year.

• Tax agreements: The Government has signed Comprehensive Avoidance of Double Taxation Agreementswith 57 economies to date, and will continue to expand the network, with a particular focus on engaging economies along the Belt and Road. This will provide Hong Kong-based enterprises with greater tax certainty and avoidance of double taxation when expanding their businesses overseas.

• Targeted promotion: The Government will take a proactive approach in conducting targeted market promotion, with strategic focus on enterprises from the Chinese Mainland and Asia, particularly those innew economy sectors.

• Talent and dialogue: The Government will work with the industry to strengthen the training of professional talent, as well asbuild a high-quality talent pool for the long-term development of the sector through continuous market education and professional development. At the same time, the Government will engage with the industry more closely to keep a full grasp of the market pulse and provide more comprehensive support to the industry.

The full text of the Action Plan is set out in the Annex.

In his remarks at the Forum, Mr Hui noted that Hong Kong has risen to become the world's largest cross-boundary wealth management centre, and has been the world's largest offshore Renminbi business hub. Backed by a mature and robust financial market system that is well-aligned with international standards, Hong Kong has long been providing comprehensive financial and professional services to both Mainland and overseas enterprises.

He said, "Amid the prevailing uncertainties in the global landscape, Hong Kong offers multinational corporations a business platform that is as steady as a rock - safe, stable and highly predictable. I urge enterprises to capitalise on these opportunities ahead and utilise Hong Kong's unique edge in 'bringing in and going global' to consolidate the management of their capital and business operations in Hong Kong.

"Against the backdrop of our nation's drive to become a financial powerhouse, our move to boost the development of CTCs in Hong Kong is a vital part of our efforts in supporting the implementation of the 15th Five-Year Plan and active participation in the nation's expansion of high-standard opening up."

He added that the Action Plan charts a clear trajectory for the development of CTC business in Hong Kong. The FSTB will collaborate closely with relevant government departments and the industry to drive a swift implementation of the Action Plan. This will help enterprises tap into Hong Kong's unique financial strengths, positioning the city as a "strategic home port" for Chinese Mainland enterprises venturing overseas and as an ideal gateway for overseas enterprises entering the Chinese Mainland and the wider Asian markets, while further advancing the development of Hong Kong's asset management industry.

The Corporate Treasury Centre Forum was jointly organised by the FSTB, the IRD, the HKMA and InvestHK, co-organised by the Hong Kong Chinese Enterprises Association Treasury Centre Committee, and supported by the International Chamber of Commerce - Hong Kong. The Forum attracted about 150 representatives from enterprises, chambers of commerce and government agencies around the world to explore together the development trends of CTCs and share success stories of multinational corporations establishing CTCs in Hong Kong.

The Corporate Treasury Centre Forum, organised by the Financial Services and the Treasury Bureau, the Inland Revenue Department, the Hong Kong Monetary Authority (HKMA) and Invest Hong Kong (InvestHK), was held at the Central Government Offices, Tamar, today (June 9). Photo shows (from left) Vice Chairman of the Treasury Centre Committee of the Hong Kong Chinese Enterprises Association (HKCEA-TCC) and the Director/CEO of the State Grid Overseas Investment Limited, Mr Ou Xiaoming; the Executive Deputy Director General of the Office of the Financial Affairs Committee of the CPC Shenzhen Municipal Committee, Mr Shi Weigan; Vice Chairman and President of the Hong Kong Chinese Enterprises Association (HKCEA), Mr Yu Xiao; the Deputy Commissioner of the Inland Revenue Department (Technical), Miss Chan Shun-mei; the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan; Non-official Member of the Executive Council Dr Eliza Chan; the Secretary for Financial Services and the Treasury, Mr Christopher Hui; the Permanent Secretary for Financial Services and the Treasury (Financial Services), Mrs Angelina Cheung; the Director-General of Investment Promotion of InvestHK, Ms Alpha Lau; the Head (Market Development) of the HKMA, Ms Georgina Lok; the Chief of Staff of the International Chamber of Commerce - Hong Kong, Mr Sam Chau; Vice-President of the HKCEA and the Chairman of the HKCEA-TCC, Mr Huang Ge; and the Secretary-General of the HKCEA-TCC, Mr Sean Sun. Source: HKSAR Government Press Releases

The Corporate Treasury Centre Forum, organised by the Financial Services and the Treasury Bureau, the Inland Revenue Department, the Hong Kong Monetary Authority (HKMA) and Invest Hong Kong (InvestHK), was held at the Central Government Offices, Tamar, today (June 9). Photo shows (from left) the Deputy Commissioner of the Inland Revenue Department (Technical), Miss Chan Shun-mei; the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan; the Secretary for Financial Services and the Treasury, Mr Christopher Hui; the Permanent Secretary for Financial Services and the Treasury (Financial Services), Mrs Angelina Cheung; the Director-General of Investment Promotion of InvestHK, Ms Alpha Lau; and the Head (Market Development) of the HKMA, Ms Georgina Lok. Source: HKSAR Government Press Releases

The Corporate Treasury Centre Forum, organised by the Financial Services and the Treasury Bureau, the Inland Revenue Department, the Hong Kong Monetary Authority and Invest Hong Kong, was held at the Central Government Offices, Tamar, today (June 9). Photo shows the Secretary for Financial Services and the Treasury, Mr Christopher Hui, delivering remarks to announce the Action Plan to Promote the Development of Corporate Treasury Centres in Hong Kong. Source: HKSAR Government Press Releases

Police launch new features on "eTraffic Ticket Platform"

The Hong Kong Police Force (HKPF) launched a series of new features today (June 15) on the "e-Traffic Ticket Platform" ("eTTP") (www.etrafficticket.gov.hk) to facilitate members of the public and the transport sector in handling matters related to electronic traffic fixed penalty notices (FPNs).

The digitalisation of traffic FPNs and the "eTTP" have been operating smoothly since their launch in the middle of last year. To meet the fleet management needs of the transport sector and further facilitate the handling of FPNs against illegal parking by the public, the Police have enhanced the platform system and introduced the following four new features:

(1) Introducing multiple roles

The "eTTP" has introduced multiple roles, such as "Agent", "Agency Company" and "Designated Employee" to facilitate fleet management. Registered vehicle owners or corporate account holders can authorise designated agents or employees to handle FPNs against illegal parking for vehicles under their management, enabling more effective monitoring of the FPN status of the relevant vehicles.

(2) "Vehicle-specific QR Code"

"Vehicle-specific QR Codes" can be generated for download on the "eTTP". Upon scanning the relevant QR code via the "eTTP""s mobile application, on-duty drivers can record their driving hours. If an FPN against illegal parking is issued during that period, the on-duty drivers will receive a push notification from the application, allowing them to view the details and settle fines directly.

This new feature has been integrated with the "HKeToll Commercial Vehicle Driver" mobile application QR code, which was designed by the Transport Department for taxis. By simply scanning the "Vehicle-specific QR code", on-duty drivers can activate both systems simultaneously.

(3) Application for viewing illegal parking photos

Members of the public may apply through the "eTTP" to view photos taken by police officers during the issuance of the FPNs against illegal parking.

(4) Disputing all types of traffic FPNs through the "eTTP"

In addition to existing channels, members of the public can dispute all types of traffic FPNs directly through the "eTTP" and upload supporting documents based on the circumstances of their case. As legal proceedings are involved, identity authentication and digital signing via "iAM Smart+" are required.

To allow sufficient time for members of the public to adapt to the digitalisation of traffic FPNs, the HKPF will continue to maintain the "dual track transitional arrangement" for the time being by issuing both electronic and paper FPNs simultaneously. The HKPF will monitor the implementation status to determine a timetable for full implementation of digitalisation.

The HKPF will also continue to identify and introduce more citizen-centric features to the "eTTP". For more information and relevant user guides of the new features, please visit the dedicated website of the "eTTP" or call the hotline at 181 181.

The HKPF appeals to the public with the following anti-deception tips:

All traffic FPN SMS messages are issued under the SMS sender name "#HKPF-eTT"; any of those issued from other sender names are fraudulent;

All traffic FPN SMS messages or emails do not contain any hyperlinks. Members of the public should stay vigilant and avoid clicking on any suspicious hyperlinks or providing any personal information; and

The thematic portal of the "eTTP" has a domain ending with ".gov.hk". Websites that do not end with ".gov.hk" are not government websites.

Police launch new features on "eTraffic Ticket Platform" Source: HKSAR Government Press Releases