Alongside its Net Zero Roadmap, GRP places more emphasis on one of its five core pillars, Nurturing Talents, through the launch of its sport centre
JAKARTA, INDONESIA – Media OutReach – 15 February 2023 – PT Gunung Raja Paksi Tbk (GRP), a member of Gunung Steel Group and one of the largest private steelmakers in Indonesia, announced the launch of its Net Zero Roadmap today, which outlines its action plan for achieving carbon neutrality by 2050. In line with Indonesia’s Enhanced Nationally Determined Contribution (ENDC) to reduce its emissions by approximately 31.9% unconditionally and a net zero target of 2060 or sooner, GRP has taken steps to bolster their Environmental, Social and Governance (ESG) strategy and reduce primary sources of emissions from the use of grid electricity and fuel (natural gas and coal) combustion, via clean energy alternatives.
The steelmaker has set out a plan to engage stakeholders across the supply chain in minimising the environmental and social impact from steel. GRP has built its ESG strategy around five core pillars:
Responsible Procurement
Environmental and Social Compliance
Energy Transition and Low Carbon Solutions
Contributing to Responsible Environmental Management
Nurturing Talent
In accordance with these pillars, the Net Zero Roadmap outlines the GRP’s decarbonisation goals, which builds upon the Energy Transition and Low Carbon Solutions pillar, whereas the new sports centre builds on the themes of Nurturing Talent.
To date, steel production accounts for almost 8% of global carbon emissions and this figure is expected to rise, as the global appetite for steel consumption increases. Against this backdrop, government and industry leaders alike, are making commitments to reduce their carbon footprint and GRP is determined to support these national and global agendas.
Upon evaluating its emissions based on the Greenhouse Gas (GHG)Protocol and identifying its primary sources of emissions, GRP has identified 5 main pillars of emissions reduction measures and initiatives to achieve carbon neutrality:
Fuel Switching: transitioning from coal to cleaner sources of energy such as natural gas
Production improvements and resource efficiency improvements: Balancing between meeting current steel demand whilst decarbonising production processes
Green Power Sourcing: Sourcing green energy from the grid or producing it in-house
Carbon offsetting: Investing in carbon offset projects that benefit the environment
Collaboration and Partnership: Working with public and private sector stakeholders to implement solutions to reach Net Zero i.e. the Indonesian Iron & Steel Industry Association (IISIA) and participating in the Net Zero Hub by Indonesian Chamber of Commerce (KADIN).
GRP’s Net Zero roadmap also includes its disclosure for 2021 GHG Inventory, which is currently at 0.86 Tonne CO2/ Tonne of Crude Steel production. As an electric arc furnace (EAF) operated mill, GRP has the advantage in decarbonising its manufacturing plant compared to other global steel players who run by Blast Furnace Operated mills. This inventory data serves as a baseline for GRP’s decarbonisation journey.
“In the past year, we are hearing more conversations from the industry around decarbonisation and transitioning to cleaner energy sources. As much as there is increasing attention towards ESG, we believe that action speaks louder than words. Mapping out these actionable steps is the right way forward in our ESG strategy. With our Net Zero Roadmap, we are determined to shift the business towards a carbon neutral one and collaborate with stakeholders within our supply chain to achieve this mission,” said Sheren Omega, Head of Sustainability at GRP.
In addition, GRP also announced the launch of its new sports centre, which focuses on one of the five core pillars – Nurturing Talents. The World Steel Association showed that steel workers suffer long-term health effects such as cancers, respiratory diseases and stress related disorders as a result of prolonged exposure to hazards on the job. GRP believes that improving the mental and physical wellbeing of their employees is essential for them to excel at work. The new sport centre will provide employees an outlet to destress and recharge for work in light of building career longevity.
“Our employees are crucial assets to the company. Some of them have been with us for decades and it is only right that we as a company safeguard their wellbeing and provide them with a healthy working environment. We believe that initiatives like this sports centre will go a long way in setting our employees up for success at work,” said Tony Taniwan, Executive Committee at GRP.
Embarking into a new year, GRP is determined to support construction projects for eco-friendly infrastructure such as the building of the New Capital City (IKN), Solar Panel and Electric Vehicle Plants. The company also seeks to actively engage the government and industry leaders in identifying solutions to help the industry transition to a cleaner future.
GRP is currently a full member of the ResponsibleSteel™ and has certified products and operation sites which meets the pre-requisite 13 principles, and the 370 associate requirements, highlighted in the ResponsibleSteel™ International Standard V2.0.
The issuer is solely responsible for the content of this announcement.
About Gunung Raja Paksi
PT Gunung Raja Paksi Tbk (GRP) is part of the Gunung Steel Group, which is one of Indonesia’s major private steel businesses. Our company began its operations in 1970 in Medan, North Sumatra, by producing hot steel, then progressed to manufacture steel beams and sheets.
With over 50 years of steel industry experience, GRP has a production capacity of 2,200,000 tons of high-quality steel annually approved by local and international certifying company.
Today, our company has become one of the largest private steel companies in Indonesia. Gunung Raja Paksi, “Shaping Tomorrow”. Together we develop a better future.
HONG KONG SAR – Media OutReach – 15 February 2023–Comba Telecom Systems Holdings Limited (“Comba Telecom” or “the Group”, SEHK stock code: 2342 and SGX stock code: STC), a global leading wireless solutions provider, today unveiled its Green Base Station Antenna product series powered by the new and innovative Helifeed™ Platform, achieving leap-forward antenna energy efficiency, and optimizing antenna energy consumption. With green and low-carbon design concepts incorporated throughout the entire product life cycle, Comba Telecom offers forward-thinking Helifeed™ Green Antennas to support operators in achieving carbon neutrality targets worldwide.
The new Helifeed™ Platform laid a solid foundation by adopting multiple innovative technologies related to phase shifters and feeding network to create a path to a carbon-neutral radio network. On top of pursuing the design criteria for modern product architecture on compact size, lightweight, and reliability, the engineering team successfully made an energy efficiency breakthrough by reducing the insertion loss and improving the radiation characteristics of the antenna design. The platform also strikes technical gains in PIM handling with a design that enhances PIM stability. Comba Telecom has developed and implemented a holistic approach to facilitate a sustainable industry supply chain that covers the whole product life cycle stages, from green design, environmentally friendly and recyclable materials, pollution-free manufacturing process, to transportation and disposable packaging.
Featuring the industry-leading low-loss, high-efficiency, and low-carbon Green Antenna, the Helifeed™ Green Antenna product series can extend the mobile coverage or as a one-to-one replacement with the same mobile site coverage, to reduce the energy consumption and carbon footprint of the networks. By the end of 2022, over 50,000 pieces of the Heilifeed™ Green Antennas have been deployed by major APAC operators, and the new innovative technology platform has been verified in multiple tier-1 operators’ trial networks. The results are convincing in terms of creating additional antenna gains over traditional antennas to cut the site energy consumption effectively.
Ms. Annabel Huo, Executive Director, Senior Vice President of the Group and President of Comba Telecom International said, “With the mission to support net-zero goals, Comba Telecom will continue to work with global leading operators to build high-quality, high-efficient, green, and low-carbon new network infrastructure, speeding up the path to carbon-neutral Radio Access Networks, and driving the future of sustainable Green 5G networks. ”
Hashtag: #CombaTelecom
The issuer is solely responsible for the content of this announcement.
About Comba Telecom Systems Holdings Limited
Comba Telecom is a global leading wireless solutions provider with its own R&D facilities, manufacturing base, and sales and service teams. The Group offers a comprehensive suite of products and services including base station antennas and subsystems, wireless access, wireless enhancement, and wireless transmission to its global customers. Headquartered in Hong Kong, with advanced manufacturing and R&D capabilities, Comba Telecom provides wireless communication solutions and information application services to customers in more than 100 countries and regions around the world. The Group has been included in the Hang Seng Composite SmallCap Index and Hang Seng Composite Industry Index – Information Technology. In January 2023, Comba Telecom successfully listed on the Mainboard of the Singapore Exchange Securities Trading Limited by way of an introduction under the stock code “STC”. For further information, please visit: www.comba-telecom.com.
Duangpeth “Dom” Promthep, one of the 12 “Wild Boars” rescued from Tham Luang Cave in Thailand almost five years ago, passed away from an accident in England on Wednesday.
Several banquet of roses from Keodokmaisod flower shop (Nouthaphone Simmavong)
After several years of living under Covid-19 restrictions, many florists were overjoyed to see a big increase in consumer traffic on the week of Valentine’s Day this year.
Hong Kong Comics @ The 50th Angoulême International Comics Festival in France
Creativity of Hong Kong Comics Artists Honored by the International Comics Industry
Artists Return to Hong Kong to Share Their Eye-Opening Experiences in Early March
HONG KONG SAR – Media OutReach – 15 February 2023 – Hong Kong comic books tell stories! Comics sporting the ‘Made in Hong Kong’ label utilise distinctive drawing styles to delight readers around the world with genre-spanning tales set in boundless fantasy worlds. This year, 15 original comic books published as part of the Hong Kong Comics Support Programme (HKCSP) featured in the annual Angoulême International Comics Festival in France. Chief artists of 7 titles represented the HKSAR at the festival and helped showcase the creativity and imagination of the Hong Kong comics industry to global audiences at the Comics Festival.
The Angoulême International Comics Festival is celebrating its 50th anniversary in 2023! 7 local artists joined the Festival in France with great support from overseas comics fans.
Since 2006, the 【Hong Kong Arts Centre】 has strived to organise programmes to promote Hong Kong’s local comics culture and comics artists to audiences around the world. With the support from 【Create Hong Kong】(【CreateHK】), an initiative of the Government of the Hong Kong Special Administrative Region, more than 50 Hong Kong comics artists and members of the industry has participated in the world renowned Angoulême International Comics Festival, held annually in Angoulême, France and featured works, including Wai-chun LEE, Chi-ching LEE, Chi-tak LI, KONG KEE, SIU HAK, CHI HOI and LITTLE THUNDER. Such international exposure after the participation of the Festival afforded artists opportunities to showcase their creativity in partnership with iconic local brands such as Hong Kong Tramways, Hong Kong International Airport, and others. One member of the Hong Kong delegation in Angoulême, Chi-tak LI, later worked on a comic book project with the Louvre Museum and has a contract with an overseas publisher for a French edition of his featured comics.
When commenting on the importance of such international representation for Hong Kong artists, Rebecca IP, Executive Director of the 【Hong Kong Arts Centre】, said, ‘We are proud to once again present comics from Hong Kong at the Angoulême International Comics Festival. By actively promoting artists and their creations, we hope to further develop the arts in Hong Kong. 【Hong Kong Arts Centre】acts as a bridge between the local and overseas art scenes, and promotes comics artists with strong potential on the international stage. One of our missions is to make more people aware of Hong Kong’s unique creations and local styles. I am truly happy to know that comics artists from Hong Kong have received further project invitations following the exhibition, and that their creativity and hard work have gained recognition around the world.’ The 【Hong Kong Arts Centre】plans to continue promoting Hong Kong comics overseas. Given comics have the potential to transcend barriers, they are a way to connect Hong Kong culture with the wider world.
The【Hong Kong Arts Centre (Comix Home Base)】and the【Hong Kong Comics and Animation Federation】(HKCAF) partnered together again under the sponsorship of【Create Hong Kong】(CreateHK) to bring 15 original comic books published as part of the 1st HKCSP to readers outside the Asia-Pacific region in January. The 15 titles featured this year as part of the 50th annual Angoulême International Comics Festival in France. Together, the works showcase the impressive creativity of Hong Kong artists and the wide range of comics as an art form in Hong Kong.
Following its inception in 1974, the Angoulême International Comics Festival has become the most important comics festival in Europe. It is held annually during the last week of January in Angoulême, France. The【Hong Kong Arts Centre (Comix Home Base)】has since 2011, brought notable Hong Kong comics to the festival in a bid to foster collaboration between Hong Kong creators and overseas publishers and other industry players. These exchanges connect artists, industry representatives, and comic book fans eager to find new and exciting works. This year, with the sponsorship of 【CreateHK】,【Hong Kong Arts Centre (Comix Home Base)】was pleased to participate in the festival again. Besides showcasing 15 comic books published under 1st HKCSP in Asian Pavilion Manga City, the Centre also set up a booth in the International Rights & Licensing Market. It is hoped that the above comics can successfully draw interest for overseas licensing and publications, seeking opportunities to promote the Hong Kong comics industry to the global market. Through exporting Hong Kong comics to foster cultural exchange. This time participants from over 35 countries representing 115 companies across the comics industry gathered in Angoulême this year. As in previous years, there was keen interest in works coming from Hong Kong.
In addition to the above-mentioned 15 titles, 7 Hong Kong comics artists – Chi-kit KWONG, Chivas LEUNG, Linus LIU, Pen SO, Mimi SZETO, Man TSANG, and WAH KEE–who participated in the 1st HKCSP represented the HKSAR this year in Angoulême, France. Man TSANG, WAH KEE, Chi-kit KWONG, Chivas LEUNG, Linus LIU, and Pen SO demonstrated their superb hand-drawing techniques in Manga City, while Mimi SZETO showcased her digital drawing talents. The artists shared the unique style and characteristics of Hong Kong comics in live drawing demonstrations with on-site audience. Moreover, comics artists took part in various seminars, receptions, and overseas interviews as well. Commenting on his participation in the festival, artist Chi-kit KWONG shared, ‘I am grateful to the【Hong Kong Arts Centre (Comix Home Base)】, 【CreateHK】 and 【HKCAF】for giving me this opportunity to join such an incredible event. It is inspiring to see that creating comics is not only a viable means to earn a living, it can also be an inspiration for so much more. If you work hard enough and fight for it, you might get featured in the comics hall of fame, and that opens doors to Europe and the wider world.’
The Angoulême International Comics Festival is celebrating its 50th anniversary in 2023. The resumption of international travel has meant participants and industry professionals were able to gather in person to celebrate this important milestone. The Hong Kong representative comics artists demonstrated their comics drawing skills every day, creating eye-grabbing performances to a large group of visitors. The 15 official entries from Hong Kong attracted considerable attention from overseas media, who were eager to learn more about Hong Kong’s unique comic culture. Global media outlets interviewed Hong Kong artists throughout the event, asking for their perspectives on what makes the Hong Kong comics scene so special. Upon returning to Hong Kong in March, 7 participating Hong Kong comics artists will share their exchange experiences and overseas licensing at a press conference.
The 15 comic books featured in Angoulême this time were published under the support and professional guidance of 1st HKCSP, which was organised by the 【HKCAF】 and sponsored by 【CreateHK】. The HKCSP provided assistance to 15 Hong Kong comics entrepreneurs and their chief artists to launch their brand-new original comic books, aiming to cultivate Hong Kong comics artists and local comics start-ups.
Fifteen Fantasies ‧ Hong Kong Comics @The 50th Angouleme International Comics Festival, France
Factsheet:
Organiser: Hong Kong Arts Centre (Comix Home Base) Co-organiser: Hong Kong Comics and Animation Federation Sponsor: Create Hong Kong of the Government of the Hong Kong Special Administrative Region Supporter: Hong Kong Economic and Trade Office in Brussels In Association with: Angoulême International Comics Festival Venue: Manga City (Booth No. MC8) Venue: International Rights & Licensing Market (Booth No. RL34) Dates: 25-28.01.2023/Finished
Hong Kong Comics Artists Attending In Person:
● Chi-kit KWONG ● Chivas LEUNG ● Linus LIU ● Pen SO ● Mimi SZETO ● Man TSANG ● WAH KEE
15 Featured Hong Kong Comics:
● Kuma CHAN Crash ● Jerry CHO Naraka Warrior ● Chi-kit KEUNG PANDOLA ● Chi-kit KWONG The Architect’s Epiphany ● Chivas LEUNG NIGHT NIGHT ● Linus LIU Cat Mask Boy ● Alice MA CMS Astronomical Research Team 1 The Mysterious Stone Pillar at Observatory ● Andy SETO Cyber Phoenix ● Pen SO See You In Memories ● Mimi SZETO A Little Step 1 ● Stella SO The Stories At The Foot of Victoria Peak ● Man TSANG The Zeros ● Sam TSE The Last Soul – Overland 1 ● Mimi TSOI The Land of MingYi – MingYi Yu Fei ● WAH KEE My Soul Mate
Extended Events: Live Drawing Demonstrations / Cocktail Reception – Meeting Hong Kong Comics Artists and Professionals! / Sharing Talk
The issuer is solely responsible for the content of this announcement.
About the Organiser
Hong Kong Arts Centre Art for Passion, Art for Life, Art for All
Since 1977, the Hong Kong Arts Centre (HKAC) has been a platform for nurturing and supporting artists, and infusing art into everyday life. Its unique arts and educational programmes aim to make the arts accessible for all. The HKAC believes in the transformational power of art for people from all walks of life. Established more than four decades ago, the HKAC brings art to the people of Hong Kong – by presenting programmes for visual arts, performing arts, moving images and media arts, comics and animation. Other areas also cover arts education, conferences, festivals, public art and community projects, all done with the vision and mission of engaging and inspiring creativity in the Hong Kong community.
In 2000, HKAC founded its educational arm, Hong Kong Art School (HKAS). The HKAS provides award-bearing programmes to nurture artists and art practitioners, as well as short enrichment courses for the general public. The HKAC aspires to engage everyone in the community to become an active participant in the arts – as an enthusiast, an artist or a patron.
Let’s continue to embrace ‘Art for Passion, Art for Life, Art for All’, and share the inspiration.
Official website: hkac.org.hk | Facebook: Hong Kong Arts Centre | Instagram: @hongkongartscentre
Comix Home Base Hong Kong Arts Centre (HKAC) believes that comics and animation are important local pop culture and artistic creations. The HKAC has been dedicated to planning and organising diverse and unique activities to promote the arts and culture of comics and animation to the local community and abroad.
Since 2006, HKAC curated Comix Home Base project (CHB), hosted over 700 ani-com-related events, such as exhibitions, talks, workshops, performances, publications, screenings, public arts, etc. Outside Hong Kong, the footprints of Hong Kong comics can be found in France, Belgium, Britain, Germany, Finland, Sweden, Japan, Singapore, Mainland China, Taiwan, South Korea, etc. Through the uniquely planned programmes, several Hong Kong comics artists have got chances to initiate international collaborations in publishing their comics in foreign languages in Europe. These all made an impact on the international comics scene and help to raise the profile of Hong Kong comics internationally.
The HKAC (CHB) continues to proactively look for opportunities to promote Hong Kong’s diverse comics and animation arts, with the aim of increasing international recognition and awareness of Hong Kong’s comics artists and their unique works.
Hong Kong Comics and Animation Federation Hong Kong Comics and Animation Federation Limited was founded in 1999, with the aims to:
1. Unite comics and animation industry, promotion of comics & animation culture;
2. Strengthen the positive awareness of the community members on comics and animation;
3. Link around the world comics & animation industry; and
4. Nurture local comics and animation talent.
Official website: www.hkcaf.hk | Facebook: Hong Kong Comics and Animation Federation
HK Comics Support Programme HK Comics Support Programme (HKCSP) is organised by the Hong Kong Comics and Animation Federation Limited (HKCAF) and is sponsored by Create Hong Kong (CreateHK) of the Government of the Hong Kong Special Administrative Region. The HKCSP supports 15 selected local comics start-ups with a series of activities, including training and guidance from industry experts, as well as a maximum subsidy of HK$210,000 for each of the selected comics start-up to produce its own brand-new original comics (subsidised comics).
In the 1st HKCSP, a series of promotional activities had also been conducted, including the exhibition of the selected comics start-ups and their subsidised comics at the Animation-Comic-Game Hong Kong (ACGHK) 2022 in July and the Comic Fiesta 2022 in Malaysia in December, to maximise the exposure of participating comics start-ups and their subsidised comics in the local and overseas markets, with a view to helping them explore more business opportunities.
The HKCAF Limited has launched the 2nd HKCSP to provide support to another 15 local comics entrepreneurs who were selected by the judges. Their 15 brand-new subsidised comics are expected to be launched at the ACGHK 2023.
Create Hong Kong Create Hong Kong (CreateHK) is a dedicated office set up by the Government of the Hong Kong Special Administrative Region in June 2009 to spearhead the development of creative industries in Hong Kong. From 1 July 2022 onwards, it is under the Culture, Sports and Tourism Bureau. Its strategic foci are nurturing talent and facilitating start-ups, exploring markets, and promoting Hong Kong as Asia’s creative capital and fostering a creative atmosphere in the community. CreateHK sponsors Hong Kong Arts Centre to organise Fifteen Fantasies ‧ Hong Kong Comics @The 50th Angouleme International Comics Festival, France and Hong Kong Comics and Animation Federation to organise HK Comics Support Programme, among other projects to promote Hong Kong’s animations and comics.
Disclaimer: Create Hong Kong of the Government of the Hong Kong Special Administrative Region provides funding support to the project only, and does not otherwise take part in the project. Any opinions, findings, conclusions or recommendations expressed in these materials/events (or by members of the project team) are those of the project organisers only and do not reflect the views of the Government of the Hong Kong Special Administrative Region, the Culture, Sports and Tourism Bureau, Create Hong Kong, the CreateSmart Initiative Secretariat or the CreateSmart Initiative Vetting Committee.
Huntersville, NC – News Direct – 15 February 2023 – Microban International is pleased to expand its portfolio of antimicrobial technologies with the introduction of MicroGuard™, a series of antifungal additives for PVC, PU, and EVA applications including foam. MicroGuard technology provides high antifungal efficacy and 24/7 built-in protection, preventing microbial degradation to extend the useful product lifetime.
This innovative solution from the global leader in antimicrobials is part of Microban’s commitment to bringing novel technologies to market with more friendly toxicity profiles than currently available agents. MicroGuard has been developed as a non-leaching antifungal agent comprised of active ingredients that are free from metals, offering an alternative to arsenic-based OBPA – a common antifungal additive – that is causing regulatory concerns due to its ability to contaminate water sources and harm aquatic life.
Michael Ruby, President at Microban International, commented: “We are pleased to introduce MicroGuard, a metal-free technology designed to combat fungal growth on PVC products, as well as on PU and EVA foams. MicroGuard’s more favourable toxicity profile is ahead of the curve in terms of shifts in the regulatory landscape concerning built-in antifungals for these goods, offering manufacturers a highly effective built-in solution to increase product durability.”
MicroGuard can be seamlessly integrated into PVC, PU and EVA products at the point of manufacture, and has been designed for use in a broad range of applications. The technology can be incorporated into outdoor PVC products – roofing membranes, tarpaulin, awnings and decking – and used to treat goods manufactured from PU and EVA foams, including shoe soles, furniture cushions and mattresses.
Dr Souvik Nandi, Vice President of Technology and Innovations at Microban International, added: “MicroGuard has been carefully developed using our extensive in-house expertise to meet the diverse needs of PU, EVA and PVC manufacturers. Available in both pellet and liquid formulations, MicroGuard has global registration to offer manufacturers confidence in treating their polymer products.”
Microban will be exhibiting MicroGuard at the AMI’s fifth PVC Formulation from February 21-22, 2023, where Mai Ha, Senior Product Development Engineer at Microban International, will be discussing how the next generation of PVC antimicrobials is creating a cleaner future. Microban will also be showcasing MicroGuard at booth 8725 in exhibit halls A-E at the International Roofing Expo (IRE)March 7–9, 2023.
Hashtag: #MicrobanInternational
The issuer is solely responsible for the content of this announcement.
About Microban International
Part of Barr Brands International (BBI), Microban International is home to the most trusted and well-known global brands in the antimicrobial, odour control, and sanitisation / disinfection markets – Microban® and Ultra-Fresh®. Our organisation has experienced over 100 collective years of growth and has revolutionised the industry. As the global leader, our proactive systems keep products cleaner, and control odours better by preventing problems before they start. Microban International drives innovation by combining science and creative solutions that enhance high-quality consumer, textile, industrial and medical products around the world. Today, the Microban and Ultra-Fresh brands and our technologies are featured on thousands of products worldwide. The company is headquartered in North Carolina with operations in North America, Europe, and Asia Pacific. For more information, please visit www.microban.com.
100 per cent increase in tobacco duty, consider a tax on non-recyclable plastic products
Offer a two-tiered e-consumption vouchers with a target disbursement period in the first half of 2023, with HK$2,000 as the base amount for all eligible Hong Kong residents, and an additional HK$6,000 for underprivileged groups (in total HK$8,000)
Maintain the HK$10,000 tax rebate on salaries tax and increase tax allowances
HONG KONG SAR – Media OutReach – 15 February 2023 – One of the largest professional accounting bodies globally, CPA Australia, has released its recommendations for Budget 2023-24 to revitalise the economy and create a better future. With an estimated HK$126 billion fiscal deficit for the financial year 2022-23 and HK$820 billion of remaining fiscal reserves, CPA Australia believes Hong Kong needs bold action to attract talent, improve the environment and boost the economy.
“Hong Kong’s economy is expected to rebound this year along with the resumption of cross-border travel and easing of COVID-19 restrictions,” Anthony Lau, Co-Chairperson of CPA Australia’s Taxation Committee – Greater China said.
“However, volatility, uncertainty and inflation pressures weigh on the recovery. We want the government to re-establish Hong Kong on the world stage, while improving public finances.”
Building sustainable public finances, promoting a green society
“Following three years of the pandemic, building a healthy and liveable society for Hong Kong residents is a priority. We want measures that create a better living environment,” Mr Lau said.
CPA Australia wants the tobacco duty increased to reduce smoking rates and alleviate the burden on public healthcare system. A 100 per cent increase in tobacco duty will generate around HK$8 billion in additional revenue in 2023-24. Further, the government should consider a tax on non-recyclable plastic products to reduce plastic consumption and waste.
“Hong Kong’s simple and low tax system is important to attracting companies and investment. We want the government to work with Mainland authorities to enhance the Hong Kong-Mainland of China Double Tax Arrangement (DTA) and help distinguish Hong Kong from regional competitors. This could include reducing the dividend withholding tax rate.”
“We want the capital investment entrant scheme reintroduced and eligibility expanded to Chinese nationals. Alternatively, the government could introduce an immigration program that provides residency status to investors making investment in strategic industries.”
Encouraging SME transformation
Mr Janssen Chan, Co-Chairperson of CPA Australia’s Taxation Committee – Greater China said e-consumption vouchers have helped many SMEs digitally transform in the past two years.
“To build on that momentum, we suggest the government relaunch and increase funding to the Distance Business Program to help more businesses digitalise and expand their online presence.
“Though we need to start moving away from an expansionary approach in the budget, a modified version of the e-consumption voucher scheme could be considered for Hong Kong residents, with a focus on supporting lower-income earners, if the government considers the economic conditions require it.
“Government measures over the past two years have helped many SMEs stay afloat but uncertainty continues. We want measures like the Special 100 per cent SME Financing Guarantee Loan Scheme and the Pre-approved Principal Payment Holiday Scheme extended by one year.”
“To address the manpower shortage issue, the government can assist is to improve the chances of younger generations being able to buy a home in Hong Kong by helping with a down payment.
“Given SMEs are particularly struggling to attract and retain talent, the government may consider offering an additional tax deduction on salaries expenditure for companies hiring employees aged 60 or over, which is another pool of top talent.” Reducing cost of living pressures, improving living standards, attracting talent
Theresa Chan, Deputy Chairperson of CPA Australia’s Taxation Committee – Greater China said Hong Kong residents were facing higher costs, particularly hurting low-income earners.
“To help ease cost pressures we want the HK$10,000 tax rebate on salaries tax maintained. Personal allowance, child allowance and married person’s allowances should be increased. The government should also consider increasing the salaries tax allowances at least in line with inflation.”
We also recommend an energy bills subsidy to assist with rising prices.
“To prepare for an ageing tsunami and to alleviate the burden on the public health system, we suggest increasing the cap on tax deductions for voluntary contributions to the MPF scheme to HK$100,000 and the Voluntary Health Insurance Scheme (VHIS) to HK$12,000 respectively. For taxpayers who are not policyholders of the VHIS, we suggest introducing a tax deduction on unreimbursed medical and health check expenses from private healthcare providers up to HK$12,000.”
“To attract talent to work and stay in Hong Kong, we suggest enhancing the Top Talent Pass Scheme by reducing the salaries tax rate for successful applicants by 50 per cent for the first two tax years, subject to a cap of HK$1.2 million of income.”
For live Budget Day commentary on 22 February,call our hotline: 2202-2722 / 5318 9655.
Hashtag: #CPAAustralia
The issuer is solely responsible for the content of this announcement.
About CPA Australia
CPA Australia is one of the largest professional accounting bodies in the world, with more than 170,000 members in over 100 countries and regions, including more than 22,200 members in Greater China. CPA Australia has been operating in Hong Kong since 1955 and opened our Hong Kong office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au
People walking towards immigration inside Suvarnabhumi Airport (Photo : Loyallobby )
The Cabinet of Thailand has approved a new entry fee for visitors aimed at ensuring health and accident coverage for tourists, according to the Sports and Tourism Minister of Thailand.