Public engagement exercise for feasibility study on proposed Coastal Protection Park at Tsim Bei Tsui, Lau Fau Shan and Pak Nai launched
The Government launched today (June 12) a dedicated webpage for the public engagement exercise on the feasibility study on the proposed Coastal Protection Park (CPP) at Tsim Bei Tsui, Lau Fau Shan and Pak Nai, inviting views from the public and various sectors of the community.
The main functions of the proposed CPP are to conserve the natural coastline and the nearshore mangrove and marsh habitats in these areas; to protect the important coastal ecosystem and biodiversity to serve as the feeding, roosting and breeding habitats for waterbirds and other wetland wildlife; to preserve the natural landscape of Deep Bay coastal areas; to provide opportunities for eco-recreation; and to support the existing pond fish culture and oyster farming.
The Agriculture, Fisheries and Conservation Department commissioned a consultant to take forward the feasibility study on the proposed CPP in December 2024. The feasibility study covers recommendations of the CPP boundaries, baseline reviews, proposed usages, management strategies, conceptual plans and relevant technical feasibility assessments. The feasibility study is expected to be completed by the end of 2026. The consultant will take into account views collected during the public engagement exercise when preparing the final recommendations for submission to the Government.
The public engagement exercise will end on July 31, 2026. During this period, the relevant departments will conduct briefing sessions and meetings with relevant stakeholders to seek their views. Members of the public are welcome to visit the dedicated webpage for the public engagement exercise (www.afcd.gov.hk/english/conservation/con_mar/con_mar_cpp/con_mar_cpp.html) to review the preliminary recommendations under the feasibility study and submit their views by email (myviews_cpp@afcd.gov.hk).
Public engagement exercise for feasibility study on proposed Coastal Protection Park at Tsim Bei Tsui, Lau Fau Shan and Pak Nai launched Source: HKSAR Government Press Releases
Hong Kong and Cyprus enter into tax pact
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, had a bilateral meeting with the Ambassador of the Republic of Cyprus to China,Ms Koula Sophianou, in Hong Kong today (June 12) and signed on behalf of the Hong Kong Special Administrative Region (HKSAR) Government a comprehensive avoidance of double taxation agreement (CDTA) with the Government of Cyprus.
Mr Hui said, "This is the 58th CDTA that Hong Kong has concluded and also the third one this year, signifying the HKSAR Government's ongoing achievements in expanding the CDTA network. To date, the current-term Government has signed 13 CDTAs. We will continue to actively seek to sign CDTAs with more tax jurisdictions to enhance the attractiveness of Hong Kong as a business and investment hub.
"This week, we announced the Action Plan to Promote the Development of Corporate Treasury Centres in Hong Kong, which sets out targeted strategies to elevate Hong Kong as a major base for corporate treasury centres. Continued expansion of our CDTA network is one of the key strategies. Going forward, we will 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."
At the meeting, Mr Hui highlighted to Ms Sophianou the advantages of Hong Kong as an international financial centre and its latest developments, including its rise to become the world's largest cross-boundary wealth management centre and the efforts made to build an international gold trading market in Hong Kong.
Mr Hui added, "Cyprus is a participant in the Belt and Road Initiative and an important trading partner of Hong Kong in Europe. This CDTA sets out the allocation of taxing rights between Hong Kong and Cyprus, which will enable investors to better assess their potential tax liabilities from cross-boundary economic activities and avoid double taxation. This will help promote bilateral trade and investment."
In accordance with this CDTA, any tax paid by Hong Kong residents in Cyprus will be allowed as a credit against the tax payable in Hong Kong in respect of the same income, subject to the provisions of the Inland Revenue Ordinance (Cap. 112) (IRO). Moreover, Cyprus' withholding tax rates for Hong Kong residents on royalties, currently at up to 10 per cent, will be reduced to 3 per cent.
The CDTA will come into force after completion of ratification procedures by both sides. In Hong Kong, the Chief Executive in Council will make an order under the IRO, which will be tabled at the Legislative Council for negative vetting. Details of the CDTA are available on the Inland Revenue Department's website.
Hong Kong and Cyprus enter into tax pact Source: HKSAR Government Press Releases
Hong Kong and Cyprus enter into tax pact Source: HKSAR Government Press Releases
Hong Kong and Cyprus enter into tax pact Source: HKSAR Government Press Releases
Hong Kong and Cyprus enter into tax pact Source: HKSAR Government Press Releases
