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The following is issued on behalf of the Financial Services Development Council:
The Financial Services Development Council (FSDC) today (December 4) welcomed the Government's legislative proposals to facilitate the development of Hong Kong as a premier centre for corporate treasury activities.
The Government gazetted the Inland Revenue (Amendment) (No. 4) Bill 2015 today. The Bill includes, among others, proposals to enhance the existing interest deduction rules for the intra-group financial business of corporations and introduce a concessionary profits tax rate for qualifying corporate treasury centres.
In its first report in November 2013, the FSDC advocated establishing Hong Kong as a corporate treasury hub for both multinational and Mainland Chinese companies. This initiative was identified as one of the key opportunities for Hong Kong to consolidate its position as an international financial centre.
The Chairman of the FSDC, Mrs Laura M Cha, said, "Participants in the financial services industry have voiced, through the FSDC and other channels, a strong belief that promoting Hong Kong as a hub for corporate treasury activities will greatly benefit our community as a whole. It is encouraging that concrete steps are now being taken to move our financial industry forward."
Mrs Cha added, "We look forward to continuing to work with the Government and other stakeholders on the further development of Hong Kong as an international financial centre."
Ends/Friday, December 4, 2015
Issued at HKT 19:13
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