The Electoral Legislation (Miscellaneous Amendments) Bill 2019 was published in the Gazette today (March 1). The Bill amends various pieces of electoral legislation to introduce necessary technical legislative amendments f… read more
The Environmental Protection Department (EPD) today (March 1) released the latest grading of water quality of nine gazetted beaches that are open for swimming, including four that are open to swimmers all year round and five others that are open for swimming since March 1.
Eight beaches were rated as Good (Grade 1) and one as Fair (Grade 2).
Grade 1 beaches are:
| Big Wave Bay Beach | Middle Bay Beach |
| Clear Water Bay Second Beach | Repulse Bay Beach |
| Deep Water Bay Beach | Silver Mine Bay Beach |
| Golden Beach | Stanley Main Beach |
| Silverstrand Beach |
The Inland Revenue (Amendment) (No. 2) Ordinance 2019 (Amendment Ordinance) is gazetted today (March 1). The legislative framework of automatic exchange of financial account information in tax matters (AEOI) under the Inland Revenue Ordinance (Cap. 112) (IRO) will be refined with effect from January 1, 2020 for better aligning the relevant provisions with the requirements promulgated by the Organisation for Economic Co-operation and Development (OECD).
“Hong Kong has all along been committed to complying with the international standards on tax co-operation, and the AEOI legislative framework was put in place in June 2016,” a Government spokesman said.
The Amendment Ordinance requires Mandatory Provident Fund Schemes, Occupational Retirement Schemes registered under the Occupational Retirement Schemes Ordinance (Cap. 426), pooling agreements, approved pooled investment funds and credit unions to comply with the due diligence and reporting obligations relating to AEOI starting from 2020. If members of the institutions concerned are tax residents of the reportable jurisdictions, such institutions will need to report in 2021 for the first time to the Inland Revenue Department (IRD) the financial account information of the relevant members, covering the year 2020, for transmission to the relevant tax authorities.
Further, Hong Kong’s network for tax information exchange has been expanded since the Convention on Mutual Administrative Assistance in Tax Matters came into force in Hong Kong on September 1, 2018. The Amendment Ordinance increases the number of reportable jurisdictions under the IRO from the current 75 to 126.
The Amendment Ordinance has also introduced technical refinements to certain AEOI-related provisions of the IRO.
The IRD will revise the Guidance for Financial Institutions having regard to the Amendment Ordinance. The public can obtain more information on AEOI via the IRD’s webpage (www.ird.gov.hk/eng/tax/dta_aeoi.htm).
AEOI requires financial institutions to identify financial accounts held by tax residents of reportable jurisdictions, and to collect the relevant financial account information for reporting to the tax authority and subsequent exchange with other relevant jurisdictions. Hong Kong conducted the first round of AEOI with the relevant jurisdictions in 2018. read more
Attention TV/radio announcers: Please broadcast the following as soon as possible: Here is an item of interest to swimmers. The Leisure and Cultural Services Department announced today (March 1) that due to big wa… read more
The Hunan Liaison Unit (HNLU) of the Hong Kong Economic and Trade Office in Wuhan (WHETO) and the Hong Kong and Macao Affairs Office (HKMAO) in Hunan jointly held the “2019 Forum between the Hunan Provincial Government and Representatives of Hong Kong Enterprises” on February 26 in Changsha, providing an opportunity for Hong Kong enterprises in Hunan and government departments to communicate directly and discuss issues relating to the business environment in Hunan, as well as to find new development opportunities. The Director of WHETO, Mr Vincent Fung; the Vice Governor of Hunan Province, Mr He Baoxiang; the Director of the HKMAO in Hunan, Mr Xu Zhengxian, and around 20 representatives from various provincial/municipal departments including the Development and Reform Commission of Hunan Province, the China Hunan Provincial Science and Technology Department, the Department of Commerce of Hunan Province, the Hunan Local Taxation Bureau, the Administration for Market Regulation of Hunan Province, the Changsha Customs and the HKMAO of Changsha Municipal People’s Government attended the Forum.
This marked the third consecutive year that the Forum had been held. This year, 20 representatives from major Hong Kong-funded enterprises and chambers of commerce attended the Forum and exchanged views on the above issues with officials from various government departments.
The same evening, the HNLU, the HKMAO in Hunan and the Changsha Municipal People’s Government jointly held the “Celebration of the 40th Anniversary of China’s Reform and Opening Up cum Hunan-Hong Kong Spring Reception”, which was attended by some 300 Hong Kong people working, living and studying in Hunan, as well as other guests.
Today (February 28) in Wuhan, the WHETO, the Representative Office in Wuhan of the Hong Kong Trade Development Council (HKTDC) and the Hong Kong Chamber of Commerce in China – Wuhan (HKCCC-WH) jointly held the “Celebration of the 40th Anniversary of China’s Reform and Opening Up cum Spring Reception for Hong Kong Residents in Hubei Province 2019”. Around 200 guests including Mr Fung; the Deputy Director General of the HKMAO in Hubei, Mr Zhang Lianghua; the Deputy Director General of the HKMAO in Wuhan, Mr Yu Feng; the President of the HKCCC-WH, Mr Tse Chun-ming; the Central China Director of the HKTDC, Mr Zhou Yilei, and Hong Kong people doing business, working and studying in Hubei attended the event.
Speaking at the event, Mr Fung, said that the year 2018/19 had special meaning as it marked the 40th anniversary China’s reform and opening up; also the Central Government introduced various facilitation measures for Hong Kong people, such as eligible Hong Kong people residing in the Mainland can now apply for a Home Residence Permit; and it is also a fruitful year for infrastructural development in Hong Kong, such as the opening of the Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link and the Hong Kong-Zhuhai-Macao Bridge. Looking forward, he said that there is further good news for Hong Kong such as the gradual development of the Guangdong-Hong Kong-Macao Greater Bay Area and the 2019-20 Budget initiatives which will benefit the public. The WHETO will continue to participate in and organise various activities to deepen exchanges and co-operation between Hong Kong and Hubei, he added.
During the receptions in Changsha and Wuhan, Mr Fung, spoke with representatives of the respective provincial and municipal governments of Hunan and Hubei. He also talked with Hong Kong people who live, study and operate businesses in Hunan and Hubei to learn more about their experiences there and the latest developments in these provinces.
