14 February 2025, Hong Kong, China – AICPA & CIMA, together as the Association of International Certified Professional Accountants, have submitted their recommendations for 2025-2026 Hong Kong Budget ahead of the Financial Secretary Paul Chan Mo-po’s Budget announcement on 26 February 2025.
Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants, said:
“Hong Kong has always had a strong appeal to local, regional, and global businesses as a major international finance centre and leading business hub, known for its deep capital markets, business-friendly environment, and dynamic talent pool. However, the current global landscape presents both new challenges and opportunities for Hong Kong and the Greater Bay Area, which require proactive measures, prioritising skills and professional development, to maintain competitiveness and strengthen attractiveness to business and talent worldwide. This is crucial for the future success of Hong Kong and the Greater Bay Area.”
AICPA & CIMA’s proposals for the upcoming Budget include:
Formally recognising key professional qualifications, including CIMA’s CGMA Professional Qualification, to attract top talent and reinforce Hong Kong’s status as an international finance centre and dynamic business hub, following a similar path to Mainland China where the qualification is already recognised in 11 provinces and cities. This renewed focus on business and finance professionals would send a powerful message, highlighting the crucial role of skills in the future growth and prosperity of Hong Kong and the Greater Bay Area.
Using tax deductions as an incentive for further education through online learning with top education providers around the world, supporting a greater number of individuals to upskill and reskill, developing the capabilities they need to thrive in a fast-evolving business world and giving Hong Kong and the Greater Bay Area a competitive edge in the global market. In addition, AICPA & CIMA suggest increasing the number of professional memberships that an individual can claim as a deductible expense for salary tax to further support continuing professional development.
Capitalising on the potential benefits of the Continuing Education Fund (CEF), which offers a ready framework to encourage individuals to take control of their professional development and ensure that businesses have access to the right talent. It could be extended 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 economy.
Introducing skilled and professional apprenticeships as an alternative to full funding of professional qualifications under the CEF, the government could explore business demand for an employer-focused apprenticeship model. Typically, employers that offer such programmes report significant benefits to their business, including strong employee loyalty, enhanced value creation, and contribution to creating a strong labour market.
– ENDS –