New Budget seen to enhance HK's traditional role - Deloitte

   Deloitte said HK Financial Secretary Paul Chan yesterday delivered a forward looking budget, which seeks to boost local competitiveness and enhance the traditional role of Hong Kong in providing strategic connectivity to global markets.
  However, the Financial Secretary seems cautious in this last budget under the government led by Chief Executive Leung Chun-ying, which lacks new and inspiring tax measures to address the pressing needs of the community.
  In his maiden budget, the Financial Secretary has highlighted the government's efforts to uphold the principle of free trade and expand commercial and trading network through trade and investment agreements. In the next five years, the government will also focus on the development of Hong Kong into a maritime services hub in the region, as well as a platform connecting the Mainland with other parts of the world.
  Deloitte is also pleased to learn that new tax legislation is to be introduced to attract aircraft leasing companies to develop business in Hong Kong.
  "There are also measures to develop high value-added logistics services, including transhipment and cross-border e-commerce, along with emphasis to support Hong Kong in its participation in Asian Infrastructure Investment Bank and leverage opportunities from the Belt and Road Initiative. This Budget has the mission to continue developing Hong Kong as an infrastructure investment and financing centre, and as the channel to connect China with the global markets," said Davy Yun, Tax Partner, Deloitte China.