, Hong Kong
Photo from CPA Australia

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.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


HK scraps MPF Offsetting Scheme to enhance employee protection
Starting 2025, employers are no longer allowed to offset long service and severance payments from its Mandatory Provident Fund contributions.