21 February 2024, Hong Kong, China – AICPA & CIMA, together as the Association of International Certified Professional Accountants, has called on the Government of Hong Kong Special Administrative Region (HKSAR) to use the upcoming Budget to focus implementing policies and measures designed to boost productivity and growth, supporting its ambition of attracting more top talent and businesses to the region. The submission covers areas such as taxation, skills growth, research and development, and public services.
Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants said:
“We recognise that the uncertain external environment will continue to bring many challenges to Hong Kong and the Greater Bay Area, but we believe that the HKSAR Government has an opportunity with the upcoming budget to refocus their efforts on driving long-term prosperity and economic growth. This will be key to ensure that the region remains a location of choice for top talent, global businesses, and international investments.”
Stephen Walsh, FCMA, CGMA, Chair of the Hong Kong SAR Area Committee at AICPA & CIMA, together as the Association of International Certified Professional Accountants, added:
“The Hong Kong economy is still struggling to recover from the series of shocks we have experienced since 2020. The road ahead is paved with challenges, but there are also opportunities we must seize to boost recovery and strengthen our resilience. At AICPA & CIMA, we remain committed to supporting the HKSAR Government’s aspirations to further develop our region’s potential and promote national prosperity.”
AICPA & CIMA’s proposals for the upcoming Budget include:
Introducing skilled and professional apprenticeships as an alternative to full funding of professional qualifications under the CEF, which would help businesses build employee loyalty, enhance value creation, and contribute to strengthening the labour market.
Maximising the potential of the Continuing Education Fund (CEF) to promote skills by extending it to include the full reimbursement of tuition and examination fees for taking professional examinations such as CIMA’s CGMA Professional Qualification, the US CPA exam, or ESG related learning which is of growing importance to the Hong Kong economy. This would help ensure businesses have access to the talent they need for success now and in the future.
Exploring opportunities to broaden the tax base, including the range of activities and products currently subject to taxation (e.g. entrepot trade, tobacco, wine, spirits) learning from highly economic productive economic models such as Australia and Singapore.
Extending access to existing R&D schemes to small and medium businesses (SMEs) to help them drive and improve the performance of their organisations, which would enhance innovation, drive better business performance, and boost productivity.
Offering tax benefits to individuals accessing online learning with top global education providers, supporting the Government’s goal of building a highly skilled workforce to support the region’s growth ambitions.
Promoting the role of management accountants in supporting effective and efficient government and public services delivery. Having more management accountants would help public services make sure they are focused and reporting against the results and objectives they wish to achieve and driving value for money for the taxpayers.
AICPA & CIMA’s full submission is available here.