The People’s Bank of China and the monetary authorities of Hong Kong and Macau will jointly implement the two-way cross-boundary wealth management connect pilot scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, the Monetary Authority announced today.

      Under Wealth Management Connect, residents in Hong Kong, Macau and nine cities in Guangdong can carry out cross-boundary investment in wealth management products distributed by banks in the bay area.

      The Government published in the Gazette today (June 19) the Inland Revenue (Amendment) (Ship Leasing Tax Concessions) Ordinance 2020 to implement the 2019 Policy Address initiative of providing tax concessions to qualifying ship lessors and qualifying ship leasing managers. The Ordinance takes retrospective effect from April 1, 2020.
 
      A Government spokesman said, “Ship leasing is a high value-added maritime service with strong growth potential. The newly introduced tax incentive is expected to attract more companies to Hong Kong to develop ship leasing business. This will enhance Hong Kong’s competitiveness as a ship leasing centre in the Asia-Pacific region, and help attract related maritime business establishments to set up a presence in Hong Kong, thereby bolstering Hong Kong’s maritime cluster and reinforcing our position as an international maritime and financial centre.”

      The Chief Executive in Council has made an order under the Inland Revenue Ordinance (Cap. 112) to implement the Comprehensive Avoidance of Double Taxation Arrangement with Macao (Macao CDTA). The order will be gazetted on May 22.

      “Under the Macao CDTA, investors will not have to pay tax twice on a single source of income. It will bring tax savings and greater certainty on taxation liabilities for the residents of both sides when they engage in cross-boundary trade and investment activities,” a Government spokesman said.