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Regulatory News

1. Standards Sales Service of Product Standards Information Bureau – Notification of Fee Adjustment
  The Product Standards Information Bureau (PSIB) of the Innovation and Technology Commission provides non-profit standards sales service to the public through the sales of original and licensed reproduced copies of standards on a full cost recovery basis in line with Government’s policy. With effect from 1 November 2018, PSIB overhead fee charge per copy of standard will be adjusted. For details, please visit
https://www.itc.gov.hk/en/quality/psis/sales.htm
   
2. 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:
https://www.gdeto.gov.hk/tc/newsletter/newsletter_2018/newsletter_20180828.html
   
3. Implementation of Automatic Exchange of Financial Account Information in Tax Matter (“AEOI”) – Expansion of the List of Reportable Jurisdictions
  The Government plans to expand the existing list of reportable jurisdictions (Annex A) under Schedule 17E to the Inland Revenue Ordinance (Cap. 112) for the implementation of AEOI. 51 jurisdictions, as set out in Annex B, will be added to the existing list. The reporting year for these additional jurisdictions will be set at 2021.
Annex A / Annex B
   
4. Sanctions against the Democratic People’s Republic of Korea (“DPRK”, i.e. North Korea)
  The United Nations Sanctions (DPRK)(Amendment) Regulation 2018, which implements the latest sanctions against DPRK imposed by the Security Council of the United Nations, came into operation on 22 June 2018. The Amendment Regulation can be viewed at
https://www.gld.gov.hk/egazette/pdf/20182225/es220182225122.pdf

You may also refer to the press release for information:
https://www.cedb.gov.hk/citb/en/Pub_Press/Press_Releases/2018/P2018062200323 .html
   
5. 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 visit:
http://www.info.gov.hk/gia/general/201807/20/P2018072000374.htm
   
6. 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:
https://www.wfsfaa.gov.hk/wfao/pdf/WFA_Leaflet_English.pdf
   
7. 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:
https://www.tid.gov.hk/english/ita/fta/hkgefta/files/leaflet_e.pdf
   
8. The Toys and Children’s Products Safety Ordinance (Amendment of Schedules 1 and 2) Notice 2018
  The Toys and Children’s Products Safety Ordinance (Amendment of Schedules 1 and 2) Notice 2018 has made on 1 August 2018. A leaflet summarizing key features of the Scheme can be found here:
http://www.legco.gov.hk/yr17-18/english/subleg/brief/2018ln063_brf.pdf
   
9. Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA)
  The latest liberalisation measures and implementation details of CEPA, including the Investment Agreement and the Agreement on Economic and Technical Cooperation signed under the framework of CEPA on 28 June 2017 can be found here:
http://www.tid.gov.hk/english/cepa/index.html
   
10. Free Trade Agreement between Hong Kong and the Association of Southeast Asian Nations (ASEAN)
 

The Free Trade Agreement (FTA) and related Investment Agreement between Hong Kong and ASEAN were signed on 12 November 2017. A leaflet summarizing key features of the Agreements can be found here
https://www.tid.gov.hk/english/ita/fta/hkasean/files/fta_between_hkc_and_asean_leaflet.pdf

For detailed information, please visit
http://www.tid.gov.hk/english/ita/fta/hkasean/index.html

   
11. HKSAR Government Low-income Working Family Allowance (LIFA) Scheme
 

The Government launched the Low-income Working Family Allowance (LIFA) Scheme in May 2016, which supports the low-income working families, particularly those with children, with a view to encouraging employment and self-reliance, as well as easing inter-generational poverty. For details, please visit:
http://www.wfsfaa.gov.hk/wfao/

   
12. The Financial Services Development Council (FSDC) releases report on promoting Hong Kong as preferred financial origination and trading centre
 

The Financial Services Development Council (FSDC) released a report entitled "A Paper on Tax Issues Affecting Hong Kong to Become a Preferred Location for Regional and International Financial Institutions to Originate and Trade International Financial Products" on 29 December 2016. For details and full report, please visit:
http://www.fsdc.org.hk

   
Business to Business
1. 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.

   
2. The ICC Institute of World Business Law presents:
The ICC Institute Prize - Deadline 5 April 2019
  For details, please click here
   
3. European Chamber in China presents Key Issues to European Parliament
  For details, please click here
   
4. ICC International Commercial Mediation Competition – Hong Kong
  Opening Speech
  Closing Speech
  Press Release
   
5. UNCITRAL-UM Joint Conference 2018, Macau
  For details, please click here
   
6. Conclave of Global Chambers, Gujarat – 18 to 20 January 2019
  ICC India has shared the invitation from Gujarat Chamber of Commerce & Industry to attend the Conclave during the Vibrant Gujarat Global Summit. For details, please click here
   
7. 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 :
https://iccwbo.org/publication/design-protection-graphical-user-interfaces-g uis/
   
8. Asialaw Asia-Pacific Dispute Resolution Summit 2018 - 20 September 2018
  For details, please visit https://www.asialaw.com/general/DRS18A
   
9. The 5th Asian Mediation Association Conference – 24 & 25 October 2018
  For details, please visit https://asian-mediationassociation.org/ama/#
   
10. The 11th World Chambers Congress
  For details, please visit https://www.worldchamberscongress.org/
   
11. 4th ICC Asia Conference on International Arbitration
  For details, please visit https://iccwbo.org/event/icc-asia-conference-international-arbitration/
   
12. The ICC Academy – Ethical Marketing & Advertising Program (Free e-course)
  For details, please click here
   
13. The 7th Asia-Pacific ADR Conference – 5 & 6 November 2018
  For details, please visit:
http://uncitralrcap.org/wp-content/uploads/2018/02/7th-AP-ADR-Conference_Save-the-Date.jpg
   
14. ICC Sponsorship Opportunities
  For details, please visit:
http://elink-eu.azuresend.com/m/3c09ad8206354013b49f6c86bdc3136d/3C75B003/6EEEF043/122017n
   
15. UN General Assembly grants Observer Status to International Chamber of Commerce in historic decision
  For details, please click here
   
16. ICC Commission Report: Financial Institutions and International Arbitration
  This one-of-a-kind interdisciplinary Report addresses the potential benefits of international commercial arbitration in banking and financial matters and some common misperceptions about the process. For more information, please visit:
http://www.iccwbo.org/Advocacy-Codes-and-Rules/Document-centre/2016/Financial-Institutions-and-International-Arbitration-ICC-Arbitration-ADR-Commission-Report/
   
Public Policy Dialogue
   
 
The ICC-HK regularly provides views and comments on different public policy issues.
   
  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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