Dear Fellow Members,
It is my privilege to be elected as the President of the Taxation Institute of Hong Kong (“TIHK”) with effect from 2 September 2022. I would like to pay tribute to all council members, advisors, committee members and fellow members for your continuous contributions to TIHK and grateful for all your support and trust you have bestowed to me.
I am immensely proud of the extraordinary achievements of TIHK in the past five decades since 1972 with the major objectives of promoting the study of taxation, building a strong platform for the exchange of taxation knowledge as well as enhancing the standard of tax professionals.
In the context of the current complex economic situations, particularly the digital and collaborative economy is growing rapidly across the globe, and the development of COVID-19 pandemic, all of these are calling for changes and posing challenges from taxation perspective. The international tax agenda remains active for the Organization for Economic Co-operation and Development (“OECD”) and jurisdictions also show activity connected to the BEPS 2.0 project. There are complexity and uncertainty that stakeholders are facing to the new rules and the implementations. Significant changes are expected to be brought to jurisdictions including Mainland China and Hong Kong as a response to BEPS 2.0 and potentially bringing reporting and compliance challenges to every industry. The affected businesses embrace the changing tax landscape by evaluating and modelling the impact of the upcoming changes along with challenges as well as opportunities, and developing a robust and actionable plan to be ready when the rules are enacted and effective.
TIHK has been making contributions and constructive recommendations to the Hong Kong SAR Government on the budget proposals and various tax policies for enhancing Hong Kong’s economic development and competitive advantages. The tax debate competition, tax policy paper competition and career development program and mentorship program organized by TIHK have been promoting the study of taxation and encouraging the pursuit of tax profession. All these signature events serve as an effective conjunction to connect industry professionals and aspire young members to pursue a career in tax profession. TIHK has been supporting Project WeCan and making contributions to the society by arranging workshops, seminars, webinars, discussion forums and voluntary tax services to the public completion of tax returns, etc.
As a strategic plan focusing on the Greater Bay Area (“GBA”) for our tax profession, from January 2021 TIHK has been duly appointed by Shenzhen Tax Service of the State Taxation Administration as the sole and designated institute to nominate Hong Kong Tax Professionals for registration of Practicing Certificate in Qianhai & Shekou Area of Shenzhen of the China (Guangdong) Pilot Free Trade Zone. Moreover, the qualifying Hong Kong Tax Professionals recommended by the Institute have established firms with their partners in Mainland China for the practice in Qianhai & Shekou area under the guidelines. An opening ceremony was launched in August 2022 for a cooperative platform between TIHK and Guangzhou Tax Service of the State Taxation Administration established for continuous support and tax knowledge sharing for the tax professionals. The above provides a wider development platform and extended opportunities for the TIHK members and tax professionals.
The Institute continue to actively participate in the international tax matters and close connection with various overseas associations to share our experience and seek collaboration. The annual Chartered Tax Adviser (“CTA”) Conferences have been successfully hosted by TIHK every year involving the worldwide speakers, facilitators and participants to discuss the international tax topics, updates and developments.
In terms of future, we aim to pursue the following priorities:
Firstly, maintaining and accelerating our pace of building a stronger network and development base for our members and students as tax profession, facilitating CTA qualifying examination and designation, and further contribution to society, in line with our vision of “Leading tax profession, serving our community”. Secondly, pushing forward vast programs in Mainland China including those with GBA tax and professional bodies to strengthen support and facilitate CTA members and tax professionals’ cross border practicing and working as well as maximizing opportunities. Thirdly, keeping unleashing the potential of every effort for international cooperation including with CIOT, AOTCA and other associations, and exploring and creating new partnership for broader enhancement.
TIHK’s Golden Jubilee is approaching, which represents a remarkable milestone to tax profession for its half-century contribution and development. The institute has organized a series of events for this special occasion of 50th anniversary for sharing and celebrating the success and joy with all.
This is the journey we continue today and future. With high hearts and growing confidence, we will devote and accelerate the work of getting ready for further prosperous achievements of TIHK, and its future is golden.
Thanks again for all the support and immense privilege you have given to TIHK. Let us strive together and look forward to reaching greater heights of TIHK!