On August 18, the G19 members of the Hong Kong Legislative Council met with Chief Executive Lee Ka-chao and submitted a number of joint initiatives on the 2023 Policy Address.
These initiatives are aimed at promoting the development of Hong Kong's financial market and attracting more capital investors. One of the important initiatives is to expedite the implementation of the new "Capital Investor Entrant Scheme", and it is proposed to set the investment threshold at no less than 30 million Hong Kong dollars.
A number of lawmakers with backgrounds in the financial industry suggested reviewing and reducing stamp duty on stocks.
1
Capital Investor Entrant Scheme
Members of G19 of the Hong Kong Legislative Council suggested that applicants should be allowed to use part of their funds to invest in non-residential properties and financing tools related to Hong Kong’s development and construction, so as to attract capital investors to set up family offices in Hong Kong and support Hong Kong’s large-scale infrastructure and development plans .
In addition, the G19 members of the Hong Kong Legislative Council also proposed to match the attracted funds with some funds such as "co-investment funds" and "strategic innovation and technology funds" to achieve a superimposed effect.
2
Proposal to reduce stamp duty on shares
01
Li Weihong, a member of the financial services industry, said that economic recovery after the epidemic will take some time, and now is an appropriate time to introduce measures to activate the market.
In the short term, reducing the stamp duty on stocks is an immediate and effective measure. He believes that the more the stock stamp duty is reduced, the more it can stimulate the market and increase the trading volume.
02
Tan Yueheng, Chairman of BOCOM International and Member of the Election Committee, proposed to reduce the two tax rates.
★Adjust and reduce stamp duty on stock transactions. If the stamp duty cannot be cancelled, unilateral charges can be implemented first, and the buyer's stamp duty can be cancelled.
★Reduce the home purchase tax rate for local residents, and consider gradually adjusting to reduce the additional stamp duty levied when non-permanent residents purchase houses, and relax the "pay first, then refund" arrangement for first-time home buyers' mortgage ratio and stamp tax for property changes.
3
Preferential birth policy
The G19 members of the Hong Kong Legislative Council also put forward suggestions on preferential policies for population.
They recommend that the government provide maternity benefits and reform the tax system, including the introduction of a "progressive child allowance".
Increase the first child allowance to $150,000, the second child to $200,000, and the third child or more to $250,000, and introduce an equal newborn child allowance. Create an atmosphere of "the more you live, the less you pay taxes".
Through the above measures, Hong Kong is expected to further strengthen the vitality of its financial market and attract more capital investors to Hong Kong to participate in economic development
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