The Hong Kong Special Administrative Region Government today filed its first submission to a World Trade Organization (WTO) panel to consider the dispute raised by the city in respect to the violation of WTO rules by the US’ requirement on origin marking for Hong Kong products. The submission explains in detail that the US’ requirement, amongst others, unlawfully discriminates against goods of Hong Kong origin, and is inconsistent with multiple WTO covered agreements, including the Agreement on Rules of Origin, the Agreement on Technical Barriers to Trade and the General Agreement on Tariffs & Trade 1994.

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The updated LeaveHomeSafe mobile app lets users store their vaccination and testing records, the Office of the Government Chief Information Officer announced today.

Under the vaccine bubble, there are more opportunities for citizens to present their COVID-19 vaccination records. The newly added Electronic Vaccination & Testing Record function in the LeaveHomeSafe mobile app’s version 2.0 allows users to scan and save the QR codes from their paper or electronic vaccination records for easy retrieval. The new function can also save electronic testing records.

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Secretary for Financial Services & the Treasury Christopher Hui welcomed the passage of the Inland Revenue (Amendment) (Miscellaneous Provisions) Bill 2021 by the Legislative Council today. Mr Hui said: “The ordinance codifies the tax treatment with regard to qualifying amalgamations and the transfer or succession of specified assets, offering better clarity and certainty of the relevant matters.

“It would also provide the legal basis to enable more businesses to voluntarily file tax returns, including financial statements, electronically, with the ultimate goal of implementing electronic filing of profits tax returns through the Business Tax Portal.” Mr Hui noted the enhancement of the foreign tax deduction regime under the ordinance will reduce the tax liability of Hong Kong branches of foreign corporations, in particular foreign banks, and holders of intellectual property. It would help foster a more favourable business environment, particularly reinforcing Hong Kong’s attractiveness as a banking location and promoting the city as a research and development hub, he added. The ordinance will come into operation upon gazettal on June 11. Amendments in relation to foreign tax deduction will take effect from the year of assessment 2021/22.

Chief Executive Carrie Lam today addressed more than 200 members of the local and international business community at a Hong Kong General Chamber of Commerce webinar under its 160th anniversary distinguished speakers series. Mrs Lam highlighted the tremendous opportunities presented by the 14th Five-Year Plan and encouraged businesses to contribute to and benefit from the national blueprint and action agenda. She took the webinar participants through the plan’s content that concerned Hong Kong, saying that the Hong Kong and Macau chapter contained, first and foremost, the fundamental principles that would contribute to the long-term prosperity and stability of the two special administrative regions.

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The Government will table the Telecommunications (Registration of SIM Cards) Regulation at the Legislative Council for negative vetting on June 9. The regulation, gazetted today, seeks to facilitate the prevention and detection of crimes involving the use of pre-paid subscriber identity module (SIM) cards. The relevant real-name registration programme will launch on September 1. Telecommunications operators are required to put in place the registration infrastructure and back-end systems for real-name registration in around 180 days from that date.

The next phase will start on March 1 next year. For all new pre-paid SIM cards available for sale in the market and new SIM service plans effective from that date, real-name registration must be completed before activation. For existing pre-paid SIM card users, they have to finish real-name registration with operators in the 360-day grace period ending February 23, 2023.

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• Overall consumer prices in September fell 2.2% year-on-year, larger than the corresponding decrease of 0.4% in August. The increase was mainly due to the rising cost for meals bought away from home and the upward adjustment in public housing rentals. Looking ahead, overall inflationary pressures should stay mild in the rest of the year as global and local economic conditions remain weak amid the threat of COVID-19.

• The seasonally adjusted unemployment rate rose to 6.4% (Jul – Sep) while the underemployment rate remained unchanged at 3.8%. With the weak overall economic situation amid the evolving global pandemic, the labor market will remain under pressure in the near term.

The HKSAR Government is committed to supporting research on a wide spectrum of health issues with a view to safeguarding public health and curing diseases. Speaking at the HKU-Pasteur Research Pole 20th Anniversary Opening Symposium (Oct 21), Chief Executive Carrie Lam said the tripartite partnership with academia and industry will create an open platform for multi-sectoral collaboration and facilitate the translation of biomedical innovations into commercial value and industrial impact. It will also contribute to Hong Kong’s transformation into an international innovation and technology hub. In the area of medical research and to combat COVID-19, the Government has allocated nearly US$35 million under the Health and Medical Research Fund in support of some 50 COVID-19 research studies. Separately, the Innovation and Technology Fund is supporting nearly 60 trial projects focused on detection, diagnosis and surveillance of the COVID-19 virus. 

Practicing solicitors and barristers in Hong Kong can practice law in nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area after obtaining their Mainland practice qualifications under a new pilot program announced by the State Council General Office (Oct 23). Welcoming the program, Secretary for Justice Teresa Cheng said the arrangement will foster the mutually complementary co-operation relationship between Hong Kong and Guangdong. She encouraged practicing solicitors and barristers to capitalize on the development of the Greater Bay Area and further enhance Hong Kong’s legal service.

Hong Kong FinTech Week 2020 will take place virtually from Nov 2-6 to allow global fintech businesses and experts from around the world to participate. The week-long event, themed “Humanizing FinTech”, will explore how fintech can unlock the power of financial services to drive positive impacts for society and business. The event will comprise five channels, focusing on the resilience and development of Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area, future fintech trends and finance sector growth opportunities. It will also provide a reinvented virtual event experience with artificial intelligence-powered matchmaking, live chat networking opportunities and Hong Kong cultural side events. Co-organized by Invest Hong Kong, the Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority, Hong Kong FinTech Week is expected to attract more than 25,000 participants from over 70 economies and 350 speakers, along with more than 500 exhibitors and over 30 delegations.