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Regulatory News

1. Toys and Children’s Products Safety Ordinance (Amendment of Schedules 1 & 2) Notice 2019
  The updates to the safety standards for toys and some children’s products will take effect on 1 October 2019. For details, please click here
   
2. Inland Revenue (Profits Tax Exemption for Funds) (Amendment) Ordinance 2019
  The Amendment Ordinance, published in the Government Gazette, will take effect on 1 April 2019. For details, please click here
   
3. Automatic Exchange of Financial Account Information in Tax Matters (“AEOI”) in HK
  With the passage of The Inland Revenue (Amendment) (No 7) Bill 2018, reporting financial institutions will be required to collect financial account information relating to the tax residents of the additional 51 jurisdictions starting from 1 January 2020. For the list of additional jurisdictions, please click here
   
4. Sanctions against the Democratic People’s Republic of Korea (“DPRK”, i.e. North Korea)
  The United Nations Sanctions (DPRK)(Amendment) Regulation 2018, came into operation on 22 June 2018. The Amendment Regulation can be viewed at here
   
Business to Business
   
1. The 2nd China International Import Expo, Shanghai – 5 to 10 November 2019
  For free admission, visitors can click here to register before 30 September 2019.
   
2. The Asia-Pacific Conference on Financing inclusive and Sustainable Development, Bangladesh – 10 to 12 December 2019
  The Conference is to celebrate ICC’s Global Centenary ad Silver Jubilee of ICC Bangladesh. For details, please click here
   
3. Market Practices in Supply Chain Finance: Receivables Discounting Technique
  The Global Supply Chain Finance Forum issued receivables discounting guidance to drive further clarity on terms and techniques. For details, please click here
   
4. ICC Trade Register Report 2018
  The report affirms trade finance’s decade-long low-risk profile.
For details, please click here
   
5. The 8th Hong Kong Volunteer Award
  Co-organized by Agency for Volunteer Service and South China Media, nomination is now open till 30 August 2019 For details, please click here
   
6. Hong Kong Green Organization Certification
  The Certification, which is a year-round scheme is now open for application. For details, please click here for the poster and here for the application form.
   
7. Belt and Road Summit – 11 & 12 September 2019
 
  For details, please click here
   
8. Warning Note on Fake Incoterms 2020 News and Deceptive Training Offers
 

For details, please click here
Official training programs will be arranged by ICC-HK after Incoterms 2020 are officially launched by the second half of 2019.

   
9. ICC Report on Design Protection for Graphical User Interfaces (GUIs)
  The ICC report on Design Protection for Graphical User Interfaces (GUIs) was published and available on the ICC website. The report can be found here
   
10. The ICC Academy – Ethical Marketing & Advertising Program (Free e-course)
  For details, please click here
   
11. ICC Sponsorship Opportunities
  For details, please visit here
   
12. UN General Assembly grants Observer Status to International Chamber of Commerce in historic decision
  For details, please click here
   
Public Policy Advocacy & Support
   
1. CEPA Leaflet
  Trade and Industry Department has updated the leaflet to introduce the latest liberalisation measures and implementation details of CEPA. For details, please click here
   
2. Free Trade Agreement and Investment Agreement between Hong Kong and ASEAN
  The Agreements between Hong Kong and five ASEAN members – Laos, Myanmar, Singapore, Thailand and Vietnam were entered into force in June 2019. For details, please click here
   
3. Free Trade Agreement and Investment Agreement between Hong Kong and Australia
  The Free Trade Agreement and the Investment Agreement between Hong Kong and Australia were signed in March 2019. Detailed information on the Agreements can be found here
   
4. Technology Voucher Programme (TVP) by HKSAR Government
  The TVP aims to subsidize local enterprises in using technological services/solutions to improve productivity or transform business processes.
  For details of the TVP, please visit here
   
5. Standards Sales Service of Product Standards Information Bureau – Notification of Fee Adjustment
  With effect from 1 November 2018, PSIB overhead fee charge per copy of standard will be adjusted. For details, please visit here
   
6. 2018年9月1日起實施港澳台居民申領居住證新政 - 福建省內港澳台居民居住證申領情況說明
  福建省公安廳於2018年8月28日發佈消息,符合申領條件的港澳台居民可攜帶有效證件和相關材料,9月1日起到就近福建省內居住地轄區派出所受理點申請辦理港澳 台居民居住證,20個工作日可領取證件。 詳情請參閱網址:點擊此處
   
7. Enhancements to SME Export Marketing Fund (EMF) and the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund)
  The Trade and Industry Department will be enhancing the EMF and the BUD Fund on 1 August 2018 to strengthen support to Hong Kong enterprises in exploring new markets and new business opportunities. For details, please click here
   
8. Working Family Allowance Scheme
  The Working Family Allowance Scheme was implemented on 1 April 2018. A leaflet summarizing key features of the Scheme can be found here
   
9. Free Trade Agreement between Hong Kong, China and Georgia
  The Free Trade Agreement between Hong Kong, China and Georgia was signed in June 2018. A leaflet summarizing key features of the Agreements can be found here
   
   
 
The ICC-HK regularly provides views and comments on different public policy issues.
   
  Previous Press Release
 
ICC-HK Calls for Independent Enquiry and Condemns Yuen Long Violence.
For details, please click here
   
  Power and Business
 
Electricity in Hong Kong is supplied and distributed by two private power companies under the government’s scheme of control. Looking ahead, the Administration has invited views from the community particularly on future fuel mix, supply and demand, competition and continuation of the scheme of control. Given the importance of electricity supply to business and to livelihood, and the impact on the economy of any policy change, ICC-HK has offered comments on the Administration’s consultation papers.
   
  Taxation and Business
 
The simple, territorial-based tax regime of Hong Kong is an attractive part of Hong Kong’s business environment. At the same time, the government has been working to sign double taxation agreements (CDTA) with overseas tax jurisdictions, although in some instances, tax information exchange agreements (TIEA) are entered into. In recent years there is overseas pressure to set up a government-to-government mechanism for automatic exchange of financial account information in tax matters. All these carry business implications, and ICC-HK has continuously offered our views.
   
  Strengthening Hong Kong as a Leading Global International Financial Centre
 
Hong Kong is one of the largest financial centres in the world. Its external trade, low tax policies, the rule of law, free market principles and free flow of information are the main factors to its success. Nonetheless, Hong Kong faces new challenges arising from both evolving global macroeconomic forces and emerging local threats. To continue ICC-HK’s mission of projecting Hong Kong’s business interests, ICC-HK has deliberated the Paper on this subject by the government’s Financial Services Development Council.
   
  Towards Hong Kong - a Leading Global International Financial Centre
 
The Government’s Financial Services Development Council some time ago produced a report on “Strengthening Hong Kong as a Leading Global International Financial Centre”. While ICC-HK has offered comments on the Report, it was reported about 2 months ago that according to the research institute Z/Yen Group, Hong Kong was replaced in 2015 by Singapore to become the fourth global financial centre. It may be timely to rethink Hong Kong’s strategy in the context of the Report and ICC-HK’s views.
   
  Legal and Regulatory Framework for Open-ended Investment Companies in Hong Kong
 
The Financial Services Development Council has published a paper to consult on the proposal to introduce a new open-ended fund company structure to expand Hong Kong’s legal structure for investment fund vehicles. ICC-HK welcomes the initiative and has provided comments for further promoting the overall asset management business.
   
  Response to the Public Engagement Exercise on Development of Trade Single Window in Hong Kong
 
Trade is the lifeblood of the Hong Kong economy. To uphold Hong Kong’s competitiveness and position as a logistics hub, the Government is planning to set up a Trade Single Window as a single information technology (IT) platform for the one-stop lodging of all trade documents from the trading community to the Government to facilitate trade movement and customs clearance. The plan was announced by the Financial Secretary in his 2016-17 Budget Speech.


 

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