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We are pleased to announce the return of our former colleague Mr. Sasaki – who had been the leader of our Japan Department – after 10 years’ time. Now he will be rejoining the CWCC family as the Director of our Business Solutions division in supporting Mr. Ishigami and CWCC.   As the Head of Investment Promotion (Japan) of Invest Hong Kong, Mr. Sasaki has been promoting Hong Kong and mainland China to the Japan community for over a decade. Throughout the time he worked for Invest Hong Kong, he has been working closely with Japanese counterparts such as banks and government bodies. Other than his hometown, he also has… Continue reading Announcement of the return of Mr. Yukio Sasaki to CWCC

MAJOR MEASURES PROPOSED IN 2023-2024 BUDGET In his Budget delivered on 22 February 2023, the Financial Secretary of HKSAR proposed the following major measures: Electronic consumption vouchers Issue $5,000 electronic consumption vouchers in instalments to each eligible Hong Kong permanent resident and new arrival aged 18 or above. $2,500 vouchers will be disbursed to eligible persons who have come to live in Hong Kong through different admission schemes or to study. Reducing profits tax, salaries tax and tax under personal assessment for the year of assessment 2022/23 One-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2022/23 by 100%, subject to a ceiling of… Continue reading MAJOR MEASURES PROPOSED IN 2023-2024 BUDGET

The latest international tax standards require a taxpayer benefitting from a preferential tax treatment in a jurisdiction to have substantial economic presence in the jurisdiction, and to establish an explicit link between the relevant income and real activities in the jurisdiction. With a view to supporting international efforts in combating cross-border tax evasion and preventing double non-taxation, Hong Kong committed to amending its FSIE regime for passive income in accordance with the Guidance on FSIE regimes promulgated by the European Union. The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) provides a new framework for Hong Kong’s FSIE regime with a view to bringing the regime into force from 1… Continue reading Foreign Source Income Exemption (“FSIE”) regime – effective from 1 January 2023

Please be advised that a mandatory lockdown may be imposed in Hong Kong in the near future due to the recent development of the pandemic in Hong Kong. You can be assured that CWCC remains fully committed to continue our services and our work under the current circumstances. We expect that most of our colleagues could deliver services from home during the lockdown. However, we must admit that certain delays would be inevitable and certain functions might not be available or possible during the lockdown. We are working our best to make all possible arrangements to at least provide minimal services in the worst case scenario. As we do not… Continue reading POSSIBLE LOCKDOWN IN HONG KONG

MAJOR MEASURES PROPOSED IN 2022-23 BUDGET In his Budget delivered on 23 February 2022, the Financial Secretary of HKSAR proposed the following major measures: 1. Electronic consumption vouchers Issue $10,000 electronic consumption vouchers in instalments to each eligible Hong Kong permanent resident and new arrival aged 18 or above.   2. Reducing profits tax, salaries tax and tax under personal assessment for the year of assessment 2021/22 One-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2021/22 by 100%, subject to a ceiling of $10,000 per case. The proposed tax reduction is not applicable to property tax. Individuals with rental income, if eligible for personal assessment,… Continue reading MAJOR MEASURES PROPOSED IN 2022-23 BUDGET

Being the most open and international city in the Greater Bay Area, Hong Kong is known for its status as international financial, transportation, trade centres and aviation hub as well as its renowned professional services. Enjoying the dual advantages of “one country, two systems”, Hong Kong plays an important role in the Greater Bay Area Development. On one hand, Hong Kong will facilitate and support the economic development of the region, with a view to enhancing the role and functions of the Greater Bay Area in the country’s two-way opening up; on the other hand, we will facilitate the development of industries in which Hong Kong’s strengths lie in the… Continue reading Hong Kong’s SWOTs

Under the unprecedented Corona Pandemic, the travel restrictions have made movement of people from one county to the other so difficult. This is affecting the foreign investors in setting-up and performing business operations. It would be very convenient if they can set up their operations without their presence in the places that they target to enter. It is not expected that these travel restrictions to be raised any time soon and losing business opportunities would be looming if there is no effective countermeasure is established. We are here to help those investors not to miss out the opportunities in Hong Kong as well as the People’s Republic of China where… Continue reading What CWCC can do for you under the travel restrictions

Dear valuable clients and friends, We would like to express our sincerest gratitude for the trust you have placed in us throughout the year. 2021 was challenging and dynamic, yet we hope you will be enjoying the coming holiday season with your loved ones. May the New Year be filled with joy and good health.

The National People’s Congress Standing Committee decided to carry out the pilot program of property tax reform in some areas on 23 October 2021. Period: Five years. It shall go into effect as of the date of promulgation, and the start time of the pilot program shall be determined by the State Council. Aims: 1) to advance the property tax legislation and reform in an active and prudent way； 2) guide the rational housing consumption and the economical and intensive use of land resources； 3) facilitate the steady and sound development of the country’s property market. Object of taxation: All types of residential and non-residential property in pilot areas, lawfully-owned… Continue reading Pilot program of property tax in China

Evening Ritual (June 2021) I am making a rule to do some evening hike up to High West. I did 123 times in 2021 and I am continuing to do that going into 2021. It is not easy to do it every day so I try to do it 3 to 4 times a week making about 15 times a month. During the week, I change into running gear around 6pm after office hour and leave the office around 6:20pm to get on the Star Ferry heading to Central Pier. Pick up a rice ball and a drink at a shop just before getting into the ferry. The view from… Continue reading Going up to High West by Tak