CPA Australia urges Hong Kong to enhance business competiveness in budget

The committee also expects Hong Kong to address the deficit in Budget 2023-24

CPA Australia proposes measures enhancing Hong Kong’s economy to be included in Budget 2024-25.

The committee urges the government to address the estimated $127b fiscal deficit for FY2023-24 and $708b fiscal reserves in the upcoming budget.

CPA suggested the enhancement of the city's overall attractiveness to companies, investment, and talent as well as its appeal as a green city for businesses and tourists to increase revenue.

In terms of sustainability, the CPA urged the government to study the implementation of a carbon tax on corporations emitting significant greenhouse gases and hiking penalties for environmental damage to achieve carbon neutrality.

To attract more business into Hong Kong, CPA underscored the need for Hong Kong to sign more jurisdictions minimising double taxation. Tax reforms are also suggested to maintain healthy public finances.

Additionally, the CPA proposed financial support for SMEs and the promotion of cross-border R&D expenditures, especially in the GBA.

To improve living standards for the citizens, CPA suggests that the government increase allowances, reduce tax and loan interests, and provide subsidies for childcare and childhood education.