The Government published a notice in the Gazette today (January 19) on the modifications to the road works under Hung Shui Kiu/Ha Tsuen New Development Area advance works phase 3 and stage 2 works. The works have been auth… read more
The Government today (January 19) gazetted the United Nations Sanctions (Democratic Republic of the Congo) Regulation 2019 (Amendment) Regulation 2024, which came into operation today. "Th… read more
The Government today (January 19) gazetted the Inland Revenue (Amendment) (Tax Deductions for Spectrum Utilization Fees) Ordinance 2024 (Amendment Ordinance) to provide for tax deductions for spectrum utilization fees (SUF) payable by mobile network operators (MNOs) on radio spectrum acquired in the future. The Amendment Ordinance took immediate effect today.
“Thanks to the passage of the relevant bill by the Legislative Council on January 10, we successfully implement the proposal in the 2023-24 Budget to provide greater incentives for MNOs to invest in mobile communications services by bidding of radio spectrum to further improve network quality. The general public can thereby enjoy better communications services, and Hong Kong can be supported more effectively in the development of high-end and innovative technologies, facilitating our economic development in the long run,” a spokesman for the Commerce and Economic Development Bureau said.
Under the Amendment Ordinance, the SUF payable by MNOs for the radio spectrum to be acquired in the future is to be fully deductible, and the tax deduction will be spread over the spectrum assignment term (which is generally 15 years). The Amendment Ordinance has no retrospective effect and is only applicable to the SUF incurred from the spectrum acquired on or after today. In other words, the SUF payable in respect of radio spectrum assigned in the past, whether they are already paid or to be paid, remain not tax deductible.
The Government will continue to facilitate the development of 5G in Hong Kong through a series of measures, including the timely provision of more radio spectrum to the market through auctions for the provision of mobile communications services. It is the Government’s plan to conduct auctions for the spectrum in the 850/900 MHz, 2.3 GHz and the newly launched 6/7 GHz bands within this year to make available a total of 510 MHz of radio spectrum for public mobile communications services. read more
The Chief Secretary for Administration, Mr Chan Kwok-ki, will depart Hong Kong for Geneva, Switzerland, tomorrow (January 20) to attend meetings of the Universal Periodic Review Working Group of the United Nations Human Rights Council (UNHRC). Mr Chan will be joined by representatives of the Constitutional and Mainland Affairs Bureau, the Security Bureau, the Department of Justice and the Labour Department.
China’s fourth report, which includes a part concerning the Hong Kong Special Administrative Region (HKSAR), submitted under the Universal Periodic Review mechanism of the UNHRC will be examined at the meetings. The HKSAR Government officials will attend the meetings as members of China’s delegation.
Mr Chan will return to Hong Kong on January 27. During his absence, the Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing, will be the Acting Chief Secretary for Administration. read more
The Secretary for Commerce and Economic Development, Mr Algernon Yau, met with trade ministers of other economies to foster closer economic ties and deepen regional co-operation in Davos, Switzerland on January 18 (Davos time).
Joining the Financial Secretary, Mr Paul Chan, to attend the World Economic Forum (WEF) Annual Meeting in Davos, Mr Yau took the opportunity to meet with the Minister of Industry and Commerce of Bahrain, Mr Abdulla Adel Fakhro, to exchange views on issues of mutual concern. Bahrain is Hong Kong’s fifth largest trading partner in the Middle East region. Bilateral trade in goods amounted to US$275 million in 2022, increasing by 55 per cent compared to 2021.
Mr Yau said that Bahraini enterprises can capitalise on Hong Kong’s unique advantages under “one country, two systems” and its role as a premier gateway to tap into the Mainland market. In addition, Hong Kong is in active negotiation with Bahrain on an Investment Promotion and Protection Agreement. Mr Yau said he looked forward to the early completion of the relevant work, with a view to enhancing the confidence of investors and expanding investment flow between Hong Kong and Bahrain.
Mr Yau also took part in the World Trade Organization (WTO) informal ministerial working dinner, which was held in the margins of the WEF Annual Meeting. Mr Yau had candid exchanges with participating ministers on how to develop a realistic and balanced package for the upcoming WTO 13th Ministerial Conference (MC13) in Abu Dhabi.
He also shared his insights with other ministers about the importance of the extension of the moratorium on customs duties on electronic transmission, the restoration of a fully and well-functioning dispute settlement reform, the early implementation of the Agreement on Fisheries Subsidies, etc.
