I am delighted to be re-elected as the President of the Taxation Institute of Hong Kong ("TIHK") for another term till August 2020. I sincerely thank you all for your continued support of TIHK's work and activities.
It has been another busy year for TIHK in 2018/19. In addition to our regular activities, we kicked off a number of initiatives including the website revamp, setting up two new committees namely risk management committee and professional conduct committee focusing on improvement in these two specific areas, implementing the professional indemnity insurance policy for CTA designation and most importantly publishing the International Tax textbook.
As the international taxation landscape continues to evolve, there were a number of new tax legislations being enacted or became effective in Hong Kong recently which include the transfer pricing regime, super R&D tax deduction incentive scheme and two-tiered profits tax regime. From the Mainland China side, the Central Government has reshaped the individual income tax regime in 2019 and issued an Announcement on the Standards for Determining the Length of Residence of Non-PRC-domiciled Individuals relaxing the day-count rules which aim to provide more beneficial treatment for residents of Hong Kong and Macao Special Administration Regions who frequently travel to Mainland China. TIHK provided various recommendations to the Hong Kong SAR Government as well as the Central Government on these legislations during the consultation process and we are pleased to see that many of them were adopted in the final legislation. We will continue to reflect the specific comments from the commercial and industry sectors and offer recommendations from different perspective for the legislators’ consideration in FY19/20.
Looking ahead in FY19/20, we will focus on 1) membership service; 2) enhancement of CTA status; and 3) building a wider network with international taxation institutes.
For membership service, we will implement and aim to complete the website revamp by the second quarter of 2020. On the member training related matters, we will continue to arrange CPD seminars covering Hong Kong, Mainland China and International tax related topics with a view to providing the up-to-date knowledge to our members.
We will consider the idea of implementing a register of CTA firm. For the Institute’s Certified Tax Adviser (CTA) Qualifying Examination, our first International Tax textbook, namely International Tax Law & Practice (1st Edition), was launched in September 2019. This international textbook is the first of its kind to be published in Hong Kong and will be a useful guide for practitioners and especially for those who are studying the International Tax paper of the CTA Examination. I take this opportunity to thank all the members of this taskforce for their tremendous effort over the past three years to make this publication a reality.
In addition to our close connections with other associations in Hong Kong and Mainland China, we continue to actively participate in the Asia Oceania Tax Consultants' Association (AOTCA) and closely connect with various overseas associations in the UK, Ireland and Australia to share our experience and seek opportunity for further collaboration. We will continue to build a stronger network with student and young members via various activities including free tax consultation, tax debate competition, etc.
Finally, I would like to once again thank all of the Council Members and Advisers for their continued dedication and contribution as well as all of you for support of TIHK's activities. I look forward to another fruitful year ahead of us!