Published in Hong Kong News on 19.10.2015
In June the European Union has named Hong Kong as one of the international territories and countries that are not cooperating in efforts to fight tax avoidance and included HK in its list of ‘non-cooperative’ jurisdictions for tax purposes. The EC named any jurisdiction that was, at the time of publication, blacklisted as a tax haven by at least 10 EU member states.
Published on 23.10.2015
It is now official: China is no longer the favourite country to build new factories. While countries from Asia Pacific (APAC) still dominate the top half of the Index, highlighting the importance of the region as a global manufacturing powerhouse, there remains some underlying volatility. Rising labour and perational Costs in China, the world’s largest manufacturer in terms of output are adding to the attractiveness of lower Cost regions with Malaysia, Indonesia and Vietnam all ranking strongly as a result, the latter topping the Growth Index. Rising global operating Costs are contributing to a trend for re-shoring facilities to the West with stronger prospects for the US (ranked fourth) and certain European locations. Supply chain management and perceptions surrounding brand and where a product is produced are also high on a manufacturer’s agenda, adding to the attraction of manufacturing in home markets.
Published on 16.10.2014
Hong Kong, as a responsible member of the international community, is committed to enhancing tax transparency and preventing tax evasion. There are two types of exchange of information instruments: the exchange of information article incorporated in the Comprehensive Double Taxation Agreements / Arrangement (DTAs) and Tax Information Exchange Agreements (TIEAs).
Hong Kong's treaty partners may make a request for exchange of information to the Hong Kong competent authority under the Exchange of Information article in the DTAs or TIEAs.
Published on 12.09.2014
The Chinese economy has grown rapidly and created tremendous wealth. Nominal GDP has grown 7.5 times between 2000 and 2013. Total household income has about doubled between 2005 and 2012 alone and stands to more than triple between 2012 and 2030.
Published in ASEAN News on 06.06.2014
Competitiveness will feature prominently in the programme of the 2013 World Economic Forum on East Asia, taking place this week in Nay Pyi Taw, Myanmar’s capital. And rightly so: competitiveness is a critical driver of both prosperity and integration.
Published on 15.09.2014
The Government supports the new global standard for automatic exchange of financial account information, which can enhance tax transparency and combat cross-border tax evasion, Secretary for Financial Services & the Treasury Prof KC Chan said today.
Published on 21.07.2014
Taking an important step towards greater transparency and putting an end to banking secrecy in tax matters, the OECD today released the full version of a new global standard for the exchange of information between jurisdictions.
Published on 17.07.2014
Although Hong Kong and Macau remain much more prosperous than anywhere else in China, their economic prospects are bound up with the development of Guangdong province, which neighbours both territories in mainland China. Finance and tourism both stand to benefit from rising prosperity in the Pearl River Delta that encompasses them all, supported by infrastructure that will create an integrated economy with more than 100m inhabitants. Over the longer term, both Hong Kong and Macau look set to maintain their competitive niches, even as the mainland city of Guangzhou becomes the fulcrum of the regional economy.
Published on 03.04.2014
Bitcoin is a peer-to-peer payment system introduced as open source software in 2009. The digital currency created and used in the system is alternatively referred to as a virtual currency, electronic money, or a crypto currency because cryptography is used to control its creation and transfer. Because the Bitcoin system is not controlled by a single repository, like a central bank, bitcoin is also regarded as a decentralized currency.
Published on 23.03.2014
Trade is the backbone of the global economy, and in modern times much of that trade circulates through the heart of world commerce in Hong Kong.
Published on 27.01.2014
Since mid-2006 a task force of Hong Kong legislators worked on the re-writing of the existing Companies Ordinance. Its aim was the modernization of Hong Kong's company law and further enhancing Hong Kong's status as a major international business and financial centre. On 12 July 2012, the Companies Bill was passed by Legislative Council.
Published on 21.05.2013
Hong Kong's economy grew by 2.8% in real terms year-on-year in the first quarter, the government announced.
In the same time period, Hong Kong's re-exports increased by 11.5%, while domestic exports decreased by 0.2%.
Published on 18.10.2012
The seasonally adjusted unemployment rate rose from 3.2% in June-August to 3.3% in July-September, while the underemployment rate fell from 1.7% to 1.6%, the Census & Statistics Department announces.
Published on 25.10.2012
Hong Kong's total goods export and import values rose 15.2% and 14.9% year-on-year for September, the Census & Statistics Department announces.
Published on 08.10.2012
Economic growth in the East Asia and Pacific region may slow down by a full percentage point from 8.2 percent in 2011 to 7.2 percent this year, before recovering to 7.6 percent in 2013. Growth in developed countries will remain modest, with recovery in the region to be driven mainly by strong domestic demand in developing countries, said the World… » read more
