CPA Australia has provided recommendations to the Hong Kong Government for the 2025 Policy Address, aiming to address economic changes and technological advancements affecting the region. The proposals focus on enhancing Hong Kong’s position as an international financial center, promoting innovation and technology, and diversifying the economy. They also include measures to strengthen cybersecurity and increase maternity and paternity leave to attract and retain talent in Hong Kong. Karina Wong, divisional president of CPA Australia in Greater China 2025, emphasized the need to amplify competitiveness and secure the city’s economic vitality amidst uncertainties created by trade frictions with major economies.
The recommendations also suggest the introduction of a Qualified Refundable Tax Credit (QRTC) scheme targeting multinational enterprises in maritime services and commodity trading sectors to provide a flexible incentive structure. Wong highlighted the need for Hong Kong to compete for multinational investment and reinforce its position as a premier international trade and shipping center. The proposals aim to expand tax concessions for commodity trading and include financial commodity transactions such as derivatives trading. CPA Australia supports exploring the low-altitude economy to impact logistics, mobility, and urban planning in Hong Kong.
To improve the business environment, CPA Australia stressed the importance of efficient government processes for delivering public services and fostering a sustainable green environment. An e-government framework has been proposed to enhance initiatives. Cyrus Cheung, deputy divisional president of CPA Australia in Greater China 2025, emphasized the critical role of sustainable development in shaping Hong Kong’s future, calling for better alignment of the Hong Kong Taxonomy for Sustainable Finance with international standards to encourage investment in green initiatives. Kelvin Leung, another deputy divisional president, expressed confidence in Hong Kong’s financial system and the potential to regain its status as the leading global initial public offering (IPO) market by 2025. The organization also proposed testing an intermittent trading facility for private companies and measures to strengthen cybersecurity for SMEs, including a CyberSafe SME Subsidy Programme and a CyberSafe HK certification.
CPA Australia’s recommendations aim to enhance Hong Kong’s competitiveness, attract investment, and promote sustainable development in various sectors. The organization’s proposals cover a wide range of areas, including finance, technology, cybersecurity, and talent retention. By focusing on these key areas, CPA Australia seeks to position Hong Kong for future economic growth and success.
Read more at Yahoo Finance: CPA Australia proposes recommendations for Hong Kong’s 2025 Policy Address