"
WK Lo’s LegCo Express
Nov 2019
- Expressed views to the Financial Secretary on the Budget 2020
Together with other members of the Business and Professionals Alliance for Hong Kong, I met the Financial Secretary on 4 Dec to express views on the Budget 2020 covering wide array of policy areas including tourism, innovation and technology development, financial services, tax relief, support for SMEs, infrastructure and land development, improvement of education and medical care, etc. There are totally 178 proposals to enhance economic development and people’s livelihood. We recommended that the government assist Hong Kong enterprises to expand overseas markets, set up Smart City special fund, simplify application procedures of holdover of Provisional Tax or payment by installments, etc. I urged the Government to implement the relief measures as soon as possible so as to help the industries and the Hong Kong people in need.
- Urged the Government respond promptly to the relief measures proposed by the BPA
At the LegCo meeting on 2 Dec, I urged the Government respond promptly to the new round of relief measures proposed by the Business and Professionals Alliance for Hong Kong, including allowing tax deferral for six months or payment by installments, reducing rates by one percentage, and expanding subsidies of electricity charges to industrial and commercial enterprises.
- Passage of tax concessions bill
At the LegCo meeting on 6 Nov, the Inland Revenue (Amendment) (Tax Concessions) Bill 2019 was passed to give effect to the tax concessions proposed by the Government in 2019, i.e. reducing salaries tax, tax under personal assessment and profits tax for the year of assessment 2018/19 by 100 per cent, subject to a ceiling of $20,000 per case. The measure will benefit 1.91 million taxpayers of salaries tax and tax under personal assessment, and 145,000 tax-paying companies.
- Welcomed the sixteen policy measures introduced by the Central Government
On 6 Nov, the Central Government announced sixteen new policy measures which would benefit people in the Greater Bay Area, and facilitate the development of various business sectors there. The Central Government further extends the scope of mutual recognition of qualifications for construction professionals, expands the scope of liberalisation measures for construction professionals from Hong Kong and Macao to practise on the Mainland, supports the development of the Shenzhen-Hong Kong Innovation and Technology Co-operation Zone, etc. These measures would offer further convenience to Hong Kong people developing their careers, working and living in the Mainland cities of the Greater Bay Area, as well as enhance the convenient flow of people, goods and capital within the Greater Bay Area.
- Amendment to the CEPA Agreement on Trade in Services
On 21 Nov, the SAR Government and the Ministry of Commerce signed an agreement to enhance the level of liberalisation on trade in services of the Mainland for Hong Kong under the framework of CEPA. The Amendment Agreement introduces new liberalisation measures in a number of important services sectors, making it easier for Hong Kong service suppliers to set up enterprises and develop business in the Mainland, allowing more Hong Kong professionals to obtain qualifications to practise there, and allowing more of Hong Kong's quality services to be provided to the Mainland market. For the construction and related engineering services, the liberalisation measures renew the expired agreements for mutual recognition of professional qualifications, including structural engineers, planners, building surveyors and architects, providing Hong Kong professionals with more opportunities for business development in the mainland China.
- Funding projects approved in the PWSC and the FC
On 20 Nov, the PWSC approved a funding project of HK$135.2 million of Kai Tak infrastructure works to serve the commercial and residential developments at the former south apron of Kai Tak Development. On 27 Nov, a funding project of HK$ 301.6 million of Tseung Kwan O (TKO) was approved to enhance the pedestrian connectivity of TKO Area 68 and TKO Area 77, and facilitate recreational development in TKO Area 77. The above funding proposals approved by the PWSC will be reviewed by the FC for final funding approval as soon as possible.
On 22 Nov, the FC approved funding projects of HK$7,452.1 million of Redevelopment of Kwai Chung Hospital, phases 2 and 3; HK$2,781.3 million of redevelopment of Prince of Wales Hospital, phase 2 (stage 1); HK$573.8 million of expansion of North District Hospital; and HK$104.0 million of expansion of Lai King Building in Princess Margaret Hospital.
