Motion on “Inland Revenue (Amendment) (No.3) Bill 2013” (2014.03.19)

First of all, I wish to thank the Hong Kong Government for sparing no effort in promoting captive insurance, including making efforts to lobby for support on the Mainland for the creation of captive insurance companies in Hong Kong. At present, the Government proposes to reduce the profits tax rate only by half, so this is still a far cry from our rival, Singapore, where a tax holiday of 10 years is offered.

At present, the tax rates imposed by many places around the world are also far lower than that of Hong Kong and some places even do not impose any tax at all. In view of this, I hope that in due course, the Government will review whether or not this arrangement of half-rate concession is still competitive.

In addition, I hope the Government will continue to attach importance to the development of the finance industry by stepping up the examination and promotion of opportunities that will bring more business opportunities to us. I hope the Government can make continued efforts, so that various trades and industries can have more business opportunities.

Thank you, President.

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