Latest news with #StanleyHo
The Sun
14 hours ago
- Business
- The Sun
HKICPA renews its Mutual Recognition Agreement with ACCA
HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - The Hong Kong Institute of Certified Public Accountants (HKICPA) is delighted to announce its renewal of Mutual Recognition Agreement (MRA) with the Association of Chartered Certified Accountants (ACCA). The two accounting bodies continue to join hands together to pave ways for career development of the accounting talents in Hong Kong, with the aim to foster the development of the accounting profession. The HKICPA has held MRA with ACCA since 2000. The new MRA is for a term of three years, continuing to enhance the professional development mobility of members of both bodies, further expanding their professional development opportunities. HKICPA members completing the Qualification Programme (QP) and obtaining at least three years of practical experience may acquire ACCA membership through the agreement. On the other hand, ACCA members who have completed ACCA professional examinations in the United Kingdom or Hong Kong (Including the Advanced Audit and Assurance and Advanced Taxation (Hong Kong) examinations) and having at least three years of practical experience, may apply for HKICPA membership after having passed the Capstone of the QP. The new MRA has been enhanced to ease the path for ACCA members to gain the CPA designation offered by the HKICPA. Under the new MRA, the eligibility for seeking HKICPA membership will be extended to ACCA members who are non-degree holders possessing a qualification at a level not lower than higher diploma/ associate degree (or equivalent) under the Hong Kong Qualification Framework, and fulfilling relevant conditions. The HKICPA believes that the enhanced MRA would attract more talented individuals from various disciplines to join the professional field of Hong Kong accountants and obtain the CPA designation. HKICPA President Edward Au said, 'We are delighted to renew the MRA with the ACCA. The MRA provides simplified pathways for members of both organizations to obtain professional qualifications from each other, thereby enhancing their career mobility. Furthermore, the synergies created by the co-operations between HKICPA and ACCA enable us to provide advanced support to the development of the accounting profession in Hong Kong, benefiting businesses as well as Hong Kong economy as a whole. HKICPA will continue to work hand in hand with other professional accounting organizations to attract talent from diverse academic backgrounds, build a stronger talent pool, and drive the continuous advancement of the accounting profession.' ACCA Hong Kong Chairman Stanley Ho said, 'We welcome the enhanced MRA, which offers greater flexibility for membership mobility between the two bodies, reflecting our shared commitment to empowering career opportunities and advancing the profession. With over 120 years of global legacy and a proud 75-year heritage rooted in Hong Kong, ACCA has consistently demonstrated leadership in redefining the accountant through times of change. In response to the evolving needs and expectations of society, ACCA will introduce a redesigned qualification in 2027. We look forward to working closely with HKICPA to drive sustainable growth for the profession and the wider community.' As one of the founding members of the Global Accounting Alliance (GAA), HKICPA has consistently engaged in exchanges with international accounting professions, and remains committed to upholding the international recognition of its membership. Including ACCA, the HKICPA holds mutual membership recognition agreements or mutual examination papers exemption agreements with 11 accounting bodies in the Mainland and overseas. In the future, the HKICPA will continue to expand its global network, explore potential collaborations with more overseas accounting bodies to facilitate exchanges and opportunities for new mutual recognition agreements for members.
AllAfrica
19 hours ago
- Politics
- AllAfrica
How Macau's Second World War experience shaped the territory
This year marks the 80th anniversary of the end of the Second World War, a conflict that left few corners of the globe untouched. In East Asia, the small Portuguese-administrated territory of Macau in southern China stood out as a rare neutral territory. But, despite its neutrality, Macau could not escape the war's far-reaching impact. In fact, Macau saw its population treble in the period between 1937 and the end of the war, reaching around half a million people. The newcomers, most of whom had fled the Japanese occupation of China, exceeded the existing residents and influenced all facets of life in Macau. Some went on to shape the territory well beyond the end of the war, helping Macau earn its later status as one of the leading gambling hubs in the world. These people included the late Stanley Ho, the casino tycoon in Macau and one of the key architects of its post-war economy. In his testimony for the 1999 book, Macao Remembers, Ho noted how Macau's wartime atmosphere had inspired him. 'Macao was tiny, and yet a bit like Casablanca – all the secret intelligence, the murders, the gambling – it was a very exciting place', he said. Ho was referring to the fictional version of the French-controlled wartime city of Casablanca in the 1942 Hollywood film, also called 'Casablanca.' As a neutral enclave, Macau was a site of multinational refuge, smuggling of goods and people, espionage, danger and opportunities. Macau is on the south coast of China, across the Pearl River estuary from Hong Kong. Sémhur / Wikimedia Commons, CC BY-NC-ND Japan's invasion of China began in the 1930s. As Japanese forces took control of most of the eastern coast from 1937 onward, the Chinese nationalist government moved inland to resist from its relocated capitals, first Wuhan and then Chongqing. By the end of 1940, the most important political, economic, educational and cultural urban centers in China had been occupied. Surrounded by occupied areas, territories under foreign rule in China – such as the Shanghai foreign concessions, Macau and Hong Kong – became 'lone islands.' Their neutral status attracted many thousands of refugees, resistance activists and relocated businesses. Lone islands became supply lifelines for the Chinese resistance and propaganda battlegrounds for opposing sides. They experienced periods of economic boom fueled by the influx of refugees. And they were prime locations for the transfer of information and funds, as well as intelligence collection. Lone islands were also sites of humanitarian relief, connected to diaspora networks and organizations designed to support the Chinese war effort. By the end of 1941, these spaces of neutrality were disappearing. The Shanghai foreign concessions were taken over by Japan and later handed over to a Chinese collaborationist administration, and the British colony of Hong Kong was occupied and placed under Japanese military rule. French-ruled Guangzhouwan, also in south China, was under de facto Japanese control by 1943. Macau, which remained neutral throughout the war, stood as the last lone island – if always subject to Japanese influence. Macau's neutrality drew many from opposing camps. In the late 1930s, most refugees to Macau had come from Shanghai and Guangdong province. The occupation of Hong Kong in late 1941 then brought another wave of displaced persons to Macau. Stanley Ho was among the refugees who arrived in Macau from the neighbouring British colony. He joined his uncle Robert Ho Tung, a renowned businessman who also relocated to Macau during the occupation of Hong Kong. According to Ho's own accounts, his wartime activities were the foundation of a fortune. Several other figures who would become important economic players in Macau's post-war economy, such as businessman Ho Yin, also cut their teeth during the second world war's climate of contingency and opportunity. Working for the Macau Co-operative Company, established by the Japanese to manage trade between Japan and the government in Macau, Ho was involved in bartering materials in exchange for food supplies with Japanese interlocutors. He also had an English-Japanese language exchange with the Japanese intelligence chief in Macau, Colonel Sawa. Through these activities, Ho made important contacts among the different communities who found themselves in Macau during the war. This included powerful intermediaries such as Pedro José Lobo, the head of the economic services in Macau. These connections exposed Ho to the popularity of gambling in Macau and the potential to take it to a different level. Gambling had been legal in Macau since the mid-19th century. But it was during the war that we would see the origins of the casino-hotel model that is now prevalent in the territory. The leading hotels of 1940s Macau, such as Hotel Central and Grande Hotel Kuoc Chai, offered employment to refugee musicians and dancers and were sites of entertainment for those with funds to spend. Hotel Central, one of the leading hotels in 1940s Macau. stefangde / Shutterstock After the end of the second world war, Ho set up a company called Sociedade de Turismo e Diversões de Macau (STDM) with partners including Henry Fok, Teddy Yip and Yip Hon. These were businessmen with links to Hong Kong, mainland China and Indonesia. In 1962, the same year STDM was founded, it earned the exclusive licence to run casinos in Macau, replacing pre-existing magnates who were more prominent during the second world war. One of the key innovations brought by their company's casinos was the popularization of western-style games. They were also involved in philanthropic activities, much the way the wartime gambling tycoons had been, with Macau again seeing the arrival of many destitute displaced persons during the cold war. Gambling has been liberalized in Macau since the early 2000s, and the territory has now surpassed Las Vegas to become the largest casino market in the world. Helena F. S. Lopes is a lecturer in modern Asian history at Cardiff University. This article is republished from The Conversation under a Creative Commons license. Read the original article.
Euronews
16-03-2025
- Business
- Euronews
How Macao keeps its Portuguese soul alive, 25 years on
Lilau Square looks warm and languid in the fading daylight. Like any Portuguese plaza, time moves slowly here. Locals chat over coffee beside a kiosk. Travellers take photos beside whitewashed buildings. A couple pauses to admire the 'calçada', the smooth, swirling tiles found anywhere the Portuguese left a footprint. If it weren't for the 200-year-old banyan tree and melodic rise and fall of Cantonese in the air, you might mistake this corner of Macao for a quiet Lisbon neighbourhood. I glance at a fountain spurting water into a shallow pool and think of an old saying about this place: anyone who drinks its water will someday return to Macao. I'm not sure I've knowingly had the water from the fountain, but this is my sixth trip to the city, each a little longer than the last. Every time, I find myself drawn back into the extraordinary cultural tapestry, uncovering something new about Macao's Portuguese past and falling for it all over again. There may be something to that legend after all. Mention Macao, and most people think of casinos. Fair or not, the city has earned its reputation as a gambling powerhouse. In 2024, it raked in nearly €25 billion in gambling revenue – almost entirely from baccarat, the card game of choice for mainland Chinese bettors. But long before it became Asia's casino capital, Macao was a vital outpost in Portugal's global empire. Lured by its strategic location in the Pearl River Delta, the Portuguese arrived in the 16th century and the colony soon became a key trading hub. Macao's fortunes ebbed and flowed over the centuries. By the 1990s, it had become a city of vice dominated by Dr. Stanley Ho – 'the godfather of gambling' - and his casino monopoly. After more than 400 years of colonial rule, Portugal handed Macao over to China in 1999. Beijing wasted no time reshaping the city. They even reclaimed land to merge two islands – Taipa and Coloane – creating the Cotai Strip, now home to extravagant casino-resorts. The once-impoverished enclave rapidly transformed into one of the world's wealthiest. On a perfect January morning, a soft sun shining in a bright blue sky, I meet Mariana César de Sá for a walking tour of Macao's UNESCO-listed historic centre. Born and raised in Macao, César de Sá publishes 'Macao News', the city's leading English-language news and lifestyle source. She takes pride in showing visitors the city beyond its cavernous casino-resorts. We meet behind Macao's most famous landmark, the Ruins of St. Paul's. Only the stone facade remains of this 17th-century Catholic church, destroyed by a fire centuries earlier. Before braving the tourist throngs gathered in front of the cathedral frame, which lords over old Macao like a gateway to the past, we slip into a neighbourhood beyond the former city walls – the Pátio do Espinho. Once a settlement for the exiled Japanese Christians who built the church, today it's a sleepy enclave of single-storey homes. 'I like to take visitors here first. It's full of history but also a taste of real life,' de Sá tells me. It's also a reminder of how far the Portuguese ventured during the Age of Discovery - how their customs, architecture and religion took root in the most distant corners of the world. From the ruins, we wander through the Travessa da Paixão, 'passion street' – a cobblestoned alley lined with pastel-hued colonial buildings that has become a magnet for wedding photos – and walk slowly through narrow alleys to Senado Square. When we reach the square, the city's calçada-paved civic heart since the 16th century, de Sá gestures toward a hulking white building: the Municipal Affairs Bureau. 'It was the original city hall from the 18th century – and it's still that today – but most people don't realise you can go into it,' she says, stepping inside a peaceful Portuguese courtyard lined with azulejos (blue and white ceramic tiles) depicting scenes from Macao's history. The whole historic centre is full of secret spaces and centuries-old buildings that continue to function today. The canary-yellow St. Lawrence Church built by Jesuits still holds services. The coral-coloured Macau Military Club, once only for military men, now welcomes guests into its excellent Portuguese restaurant. Some, like the 19th-century Dom Pedro V Theatre, hold special meaning beyond history. 'It instantly transports me to Portugal,' says Sara Santos Silva, an expat from Porto who has lived in Macao for 10 years. 'During my early days in Macao, when I was blown away by the sensory overload of living in Asia, it felt nice to find myself in familiar surroundings: impeccable cobblestone, a kiosk just like the ones you'll find in Lisbon, and the pale green facade of the theatre.' Even the 15th-century A-Ma Temple, a shrine dedicated to the Chinese sea goddess Mazu, holds unexpected significance today. When Portuguese settlers arrived centuries ago, they misinterpreted the temple's name - 'A-ma-gok' - as the name of the land itself. Maybe nothing speaks to this unique heritage like Macao's food. From tranquil Coloane and residential Taipa to the historic centre, decades-old restaurants serve Portuguese classics like 'bacalhau à brás' (salted cod mixed with onions, chopped fried potatoes and egg), grilled sardines, and baked duck rice. 'There's no shortage of options. I know where to turn to for a better-than-decent 'francesinha' (Porto's hefty sandwich), a proper 'prego' (steak sandwich) and a monkfish rice that instantly hits home,' says Silva. 'This is not a one-stop-shop, though.' In the picturesque St. Lazarus district, one restaurant group is proving that true. Chaves-born brothers Pedro and Mauro Almeida, along with their business partner Ricardo and Hong Kong-born founder Asai, have turned several old buildings into landmarks for Portuguese food and wine. Their most famous project, Albergue 1601, serves grilled octopus, seafood rice stew and grilled Ibérico pork in a historic yellow house surrounded by centuries-old camphor trees. But one of their newest ventures offers a more modern interpretation of Portugal. I meet Pedro, Ricardo and Asai at 3 Sardines on a quiet weeknight. As we eat 'petiscos' – Portugal's answer to tapas – like 'pica-pau' (beef cubes with pickles) and fried peppers, I take in the magazine clippings on the wall and fish traps hung from the ceiling. When I run my hands over the soft red cushions I'm sitting on, Ricardo reads my mind. 'These are real executive seats from TAP planes from the 1950s,' he tells me. 'Everything you see is a vintage item hand-picked from Portugal.' Asai fell in love with Portuguese culture – especially its cuisine – after moving to Macao and made it his mission to revitalise its presence in the city. Today, the group runs four restaurants, a workshop space, and a pastry shop – all loving tributes to Portugal. These projects have not only brought new energy to the previously overlooked St. Lazarus district: they have complemented its timeless institutions and little quirks of life that keep a 400-year-old connection alive. 'Most visitors are surprised by how present that heritage is in Macao,' Silva tells me. 'The street names are in Portuguese. Locals still throw a Portuguese word or two into daily conversation. All this doesn't just immerse travellers in the heritage but also gives Portuguese residents a sense of belonging that's honestly very hard to match.'
Zawya
28-02-2025
- Business
- Zawya
KPMG: Government reserves remain robust, advocates for expanded asset management and innovation industries to boost economic growth
HONG KONG SAR - Media OutReach Newswire - 28 February 2025 - KPMG welcomes the Hong Kong Government's Budget, recognising it as a well-considered strategy that balances the needs of society with economic development goals. The Budget focuses on key areas such as Artificial Intelligence (AI), infrastructure investment, and innovative industries, creating new opportunities for high-quality economic growth in Hong Kong while further strengthening its international competitiveness. The Hong Kong SAR Government has revised its 2024/25 Budget, projecting a consolidated deficit of HKD 87.2 billion. By the end of March 2025, Hong Kong's fiscal reserves are expected to reach HKD 647.3 billion, closely aligning with KPMG's estimates of HKD 89.7 billion deficit and HKD 645 billion in reserves, indicating that fiscal reserves remain relatively robust. The projected GDP growth rate for 2025/26 has been adjusted to between 2% and 3%, down from the previous year's forecast of 3.2%. KPMG attributes this revision to ongoing geopolitical uncertainties and a slower-than-expected decline in interest rates. To address these challenges, KPMG recommends that the government allocate more resources to high-growth sectors such as asset management and innovation, aiming to stimulate economic growth in Hong Kong and deliver benefits to the general public. John Timpany, Head of Tax in Hong Kong, KPMG China, says: "In the Budget, the HKSAR Government has clearly positioned AI as the core driver for cultivating new quality productive forces, and is promoting its development through a series of policy measures, fully demonstrating Hong Kong's ambition as an international innovation and technology hub. We are pleased to see the Government leveraging the advantages of 'One Country, Two Systems' to actively establish Hong Kong as an international exchange hub for the AI industry, and strengthening the integration of scientific research and industrial applications through projects such as Cyberport's AI Supercomputing Centre, Hong Kong Microelectronics Research and Development Institute, and the soon-to-be-established Hong Kong Artificial Intelligence Research and Development Institute. This not only creates opportunities for local technology companies but also injects new momentum into the transformation and upgrading of traditional industries, narrowing the gap with other leading jurisdictions." Stanley Ho, Tax Partner, KPMG China, says: "To ensure the strategic infrastructure projects stay on schedule, KPMG believes that raising capital by issuing government bonds at a moderate pace is a wise move. We support the government's commitment to using bond proceeds exclusively for infrastructure investments, ensuring they are not directed towards recurring government expenditures. This disciplined approach, outlined in the new bond program, should keep the government debt-to-GDP ratio at a manageable level and protect Hong Kong's credit rating. We encourage the government to proactively explore ways to make infrastructure projects more cost-effective. Embracing technological innovations and encouraging public-private partnerships are two promising avenues for expense optimisation." Alice Leung, Tax Partner, KPMG China, says: "We welcome the Financial Secretary's proposal to expand the classes of investments permitted under the family office tax regime. To make Hong Kong even more attractive to family offices, it makes sense to include digital assets and art as eligible investments. These are already common asset classes for family offices, so adding them to the regime could encourage more family offices to set up in Hong Kong. This would be a win-win, creating jobs and boosting demand across a range of professional services. Additionally, it is encouraging to see the government actively pursuing tax treaties with 17 jurisdictions – this is a significant step in supporting Hong Kong taxpayers investing overseas. We also applaud the government's initiative to attract more commodity trading activity to Hong Kong through a competitive 8.25% tax rate. These measures will inject vitality into the local market, enhance liquidity, and further solidify Hong Kong's role as an international financial centre." Chi Sum Li, Head of Government & Public Sector in Hong Kong SAR, KPMG China, said: "We support the government's prioritisation of investment in developing the Northern Metropolis. The focus on key industries such as innovation and technology, high-end professional services, modern logistics, tertiary education, cultural, sports, and tourism in the area demonstrates a commitment to a diversified development blueprint. Meanwhile, the accelerated progress of projects like Kwu Tung North / Fanling North, along with the implementation of transport infrastructure including the Northern Link and Hong Kong-Shenzhen Western Railway, will enhance connectivity in the region and lay a solid foundation for commercial and innovation technology development. We believe the development of the Northern Metropolis will inject new vitality into Hong Kong's economy and create better living and career prospects for citizens." In terms of nurturing and attracting talent, KPMG welcomes the government's proposal to enhance the "New Capital Investment Entrant Scheme". It is encouraging to know the scheme has already received over 880 applications with an expected HKD 26 billion in investments. We suggest lowering the residential property price threshold from HKD50 million to HKD 30 million. This would open up the scheme to a broader range of talents looking to invest in Hong Kong real estate and we don't anticipate this change having a major impact on housing affordability for the general public. Additionally, the government can consider shortening the current seven-year waiting period for permanent residency applicants, to make the scheme even more attractive. Amid fiscal constraints, the government has taken measures to control expenditure growth. For 2026/27 and 2027/28, the Financial Secretary announced a 2% annual reduction in the civil service, with an estimated reduction of approximately 10,000 positions by April 1, 2027. Additionally, a salary freeze for all personnel across the executive, legislative, judicial branches, and district councils has been proposed for 2025/26. KPMG believes that job cuts and the salary freeze are signals to the public that the government is closely monitoring its spending, as taxpayers would expect during a period of fiscal deficits. This demonstrates the Hong Kong government's commitment to prudent management of public finances. In light of the fiscal deficit and the aging population, KPMG supports the government's proposed optimisation of the "HKD 2 Public Transport Fare Concession Scheme." The proposal maintains eligibility for individuals aged 60 and above but introduces a monthly cap of 240 trips. Additionally, for fares of HKD 10 or more, the subsidy will be adjusted to a 20% discount of the full fare. These measures aim to balance the travel needs of the elderly and the silver economy with smarter use of public funds. At the same time, this will enable the government to more accurately forecast related expenditures in the future. Hashtag: #KPMG The issuer is solely responsible for the content of this announcement. About KPMG KPMG in China has offices located in 31 cities with over 14, 000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi'an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the "Big Four" in the Chinese Mainland to convert from a joint venture to a special general partnership. KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited ("KPMG International") operate and provide professional services. "KPMG" is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 142 countries and territories with more than 275, 000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. Celebrating 80 years in Hong Kong In 2025, KPMG marks "80 Years of Trust" in Hong Kong. Established in 1945, we were the first international accounting firm to set up operations in the city. Over the past eight decades, we've woven ourselves into the fabric of Hong Kong, working closely with the government, regulators, and the business community to help establish Hong Kong as one of the world's leading business and financial centres. This close collaboration has enabled us to build lasting trust with our clients and the local community – a core value celebrated in our anniversary theme: "80 Years of Trust". KPMG
Associated Press
28-02-2025
- Business
- Associated Press
KPMG: Government reserves remain robust, advocates for expanded asset management and innovation industries to boost economic growth
Resilient response to challenges, highlighting AI and Northern Metropolis HONG KONG SAR - Media OutReach Newswire - 28 February 2025 - KPMG welcomes the Hong Kong Government's Budget, recognising it as a well-considered strategy that balances the needs of society with economic development goals. The Budget focuses on key areas such as Artificial Intelligence (AI), infrastructure investment, and innovative industries, creating new opportunities for high-quality economic growth in Hong Kong while further strengthening its international competitiveness. The Hong Kong SAR Government has revised its 2024/25 Budget, projecting a consolidated deficit of HKD 87.2 billion. By the end of March 2025, Hong Kong's fiscal reserves are expected to reach HKD 647.3 billion, closely aligning with KPMG's estimates of HKD 89.7 billion deficit and HKD 645 billion in reserves, indicating that fiscal reserves remain relatively robust. The projected GDP growth rate for 2025/26 has been adjusted to between 2% and 3%, down from the previous year's forecast of 3.2%. KPMG attributes this revision to ongoing geopolitical uncertainties and a slower-than-expected decline in interest rates. To address these challenges, KPMG recommends that the government allocate more resources to high-growth sectors such as asset management and innovation, aiming to stimulate economic growth in Hong Kong and deliver benefits to the general public. John Timpany, Head of Tax in Hong Kong, KPMG China, says: 'In the Budget, the HKSAR Government has clearly positioned AI as the core driver for cultivating new quality productive forces, and is promoting its development through a series of policy measures, fully demonstrating Hong Kong's ambition as an international innovation and technology hub. We are pleased to see the Government leveraging the advantages of 'One Country, Two Systems' to actively establish Hong Kong as an international exchange hub for the AI industry, and strengthening the integration of scientific research and industrial applications through projects such as Cyberport's AI Supercomputing Centre, Hong Kong Microelectronics Research and Development Institute, and the soon-to-be-established Hong Kong Artificial Intelligence Research and Development Institute. This not only creates opportunities for local technology companies but also injects new momentum into the transformation and upgrading of traditional industries, narrowing the gap with other leading jurisdictions.' Stanley Ho, Tax Partner, KPMG China, says: 'To ensure the strategic infrastructure projects stay on schedule, KPMG believes that raising capital by issuing government bonds at a moderate pace is a wise move. We support the government's commitment to using bond proceeds exclusively for infrastructure investments, ensuring they are not directed towards recurring government expenditures. This disciplined approach, outlined in the new bond program, should keep the government debt-to-GDP ratio at a manageable level and protect Hong Kong's credit rating. We encourage the government to proactively explore ways to make infrastructure projects more cost-effective. Embracing technological innovations and encouraging public-private partnerships are two promising avenues for expense optimisation.' Alice Leung, Tax Partner, KPMG China, says: 'We welcome the Financial Secretary's proposal to expand the classes of investments permitted under the family office tax regime. To make Hong Kong even more attractive to family offices, it makes sense to include digital assets and art as eligible investments. These are already common asset classes for family offices, so adding them to the regime could encourage more family offices to set up in Hong Kong. This would be a win-win, creating jobs and boosting demand across a range of professional services. Additionally, it is encouraging to see the government actively pursuing tax treaties with 17 jurisdictions – this is a significant step in supporting Hong Kong taxpayers investing overseas. We also applaud the government's initiative to attract more commodity trading activity to Hong Kong through a competitive 8.25% tax rate. These measures will inject vitality into the local market, enhance liquidity, and further solidify Hong Kong's role as an international financial centre.' Chi Sum Li, Head of Government & Public Sector in Hong Kong SAR, KPMG China, said: 'We support the government's prioritisation of investment in developing the Northern Metropolis. The focus on key industries such as innovation and technology, high-end professional services, modern logistics, tertiary education, cultural, sports, and tourism in the area demonstrates a commitment to a diversified development blueprint. Meanwhile, the accelerated progress of projects like Kwu Tung North / Fanling North, along with the implementation of transport infrastructure including the Northern Link and Hong Kong-Shenzhen Western Railway, will enhance connectivity in the region and lay a solid foundation for commercial and innovation technology development. We believe the development of the Northern Metropolis will inject new vitality into Hong Kong's economy and create better living and career prospects for citizens.' In terms of nurturing and attracting talent, KPMG welcomes the government's proposal to enhance the 'New Capital Investment Entrant Scheme'. It is encouraging to know the scheme has already received over 880 applications with an expected HKD 26 billion in investments. We suggest lowering the residential property price threshold from HKD50 million to HKD 30 million. This would open up the scheme to a broader range of talents looking to invest in Hong Kong real estate and we don't anticipate this change having a major impact on housing affordability for the general public. Additionally, the government can consider shortening the current seven-year waiting period for permanent residency applicants, to make the scheme even more attractive. Amid fiscal constraints, the government has taken measures to control expenditure growth. For 2026/27 and 2027/28, the Financial Secretary announced a 2% annual reduction in the civil service, with an estimated reduction of approximately 10,000 positions by April 1, 2027. Additionally, a salary freeze for all personnel across the executive, legislative, judicial branches, and district councils has been proposed for 2025/26. KPMG believes that job cuts and the salary freeze are signals to the public that the government is closely monitoring its spending, as taxpayers would expect during a period of fiscal deficits. This demonstrates the Hong Kong government's commitment to prudent management of public finances. In light of the fiscal deficit and the aging population, KPMG supports the government's proposed optimisation of the 'HKD 2 Public Transport Fare Concession Scheme.' The proposal maintains eligibility for individuals aged 60 and above but introduces a monthly cap of 240 trips. Additionally, for fares of HKD 10 or more, the subsidy will be adjusted to a 20% discount of the full fare. These measures aim to balance the travel needs of the elderly and the silver economy with smarter use of public funds. At the same time, this will enable the government to more accurately forecast related expenditures in the future. Hashtag: #KPMG The issuer is solely responsible for the content of this announcement. About KPMG KPMG in China has offices located in 31 cities with over 14, 000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi'an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the 'Big Four' in the Chinese Mainland to convert from a joint venture to a special general partnership. KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited ('KPMG International') operate and provide professional services. 'KPMG' is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 142 countries and territories with more than 275, 000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. Celebrating 80 years in Hong Kong In 2025, KPMG marks '80 Years of Trust' in Hong Kong. Established in 1945, we were the first international accounting firm to set up operations in the city. Over the past eight decades, we've woven ourselves into the fabric of Hong Kong, working closely with the government, regulators, and the business community to help establish Hong Kong as one of the world's leading business and financial centres. This close collaboration has enabled us to build lasting trust with our clients and the local community – a core value celebrated in our anniversary theme: '80 Years of Trust'.
