Media OutReach
CPA Australia calls on Hong Kong government to increase revenue and reduce expenditure
Explore strategies to increase revenue and reduce costs
CPA Australia emphasises the need to explore innovative strategies for increasing revenue and optimising public expenditure. One suggestion is expanding the application of the user-pays model to a broader range of government services, provided fees remain affordable.
Ms Karina Wong, 2025 Greater China Divisional President stated, “Our proposals are designed to help the government navigate fiscal challenges, attract investment and strengthen Hong Kong’s global competitiveness. A cornerstone of Hong Kong’s success has been its low and simple tax system, and this must be preserved. Therefore, we encourage the government to prioritise raising revenue from non-tax sources, such as modestly raising fees on some government services.
Ms Wong highlighted that unlike Hong Kong, other advanced economies generate significant revenue through various levies, fees, and charges. She noted for example that Hong Kong generates only about 1 per cent of the revenue Australia does from visa processing fees and Hong Kong’s passport fees are much lower than many jurisdictions. “While we are not suggesting the government raise fees to match those of other advanced economies, there is scope for modest adjustments to better reflect their costs,” she said.
To support this, CPA Australia recommends the adoption of standardised cost-recovery policy, provided fees are set at affordable rates and increases limited. To drive efficiencies, the cost-recovery fee should be set at the cost of efficient service delivery rather than the actual cost, which could be higher.
Additional revenue-generating proposals include raising fines and penalties, such as illegal parking fines and increasing tobacco duty from 65 per cent of the cost of a packet of cigarettes to the World Health Organization (WHO) recommended 75 per cent. We also suggest exploring highly targeted new taxes, such as a digital services tax on large digital providers and a carbon tax on major greenhouse gas emitters.
Attract foreign investment and corporations
To attract more investment funds and family offices to Hong Kong and encourage them to invest locally, we recommend further enhancements to the tax regimes for investment funds and family offices.
Mr Anthony Lau, co-chairperson of CPA Australia’s Greater China Taxation Committee suggested “To boost the property market, Hong Kong should include local real estate investments, both residential and non-residential with a minimum investment requirement of HK$50m, as tax exempt assets under unified fund exemption and single family office concession regimes, capped at 30 per cent of total assets under management. Another measure related to supporting the property sector is to give first home buyers a temporary stamp duty reduction of 50 per cent. This could help young Hong Kongers buy their first home, which not only benefits them but the broader economy and society.”
Mr. Lau also said “The Hong Kong Government can initiate consultations with the Central Government to establish a “Family Office Connect” channel to facilitate cross-border investments by Mainland high-net-worth individuals through family offices established in Hong Kong. The first step in implementing this scheme would be to pilot it in the Greater Bay Area before extending it to the rest of the Mainland.
On infrastructure, Mr Lau emphasised the importance of timely delivery of major projects despite fiscal constraints. “To maintain Hong Kong’s competitiveness, we suggest the government consider the broader use of public-private partnerships for infrastructure projects. This approach helps to reduce the government’s share of costs and risks.”
Support SMEs and attract talent
Small and medium-sized enterprises (SMEs) have faced numerous challenges in recent years. Mr Janssen Chan, co-chairperson of CPA Australia’s Taxation Committee for Greater China proposes, “In light of the difficulties faced by SMEs, it is crucial for the government to continue supporting them to foster their growth and success. We suggest increasing the threshold for the half profits tax rate from HK$2 million to HK$3 million, and provide a 100 per cent tax rebate on the 2024/25 final profits tax, capped at HK$10,000.”
To address talent shortages and support an ageing workforce, Mr Chan proposes incentives for employers hiring older workers. “We recommend offering companies an additional tax deduction on salaries paid to employees aged 60 or above, or a direct wage subsidy to employers hiring eligible older employees.”
To support the government’s “Study in Hong Kong” initiative, we suggest incentivising developers to convert industrial buildings into student accommodation and extending the Immigration Arrangements for Non-local Graduates (IANG) visa duration to four years for graduates pursuing further studies abroad.
Improve living standards and encouraging childbirth
Acknowledging the need to balance fiscal responsibility with financially supporting residents, Mr Adam Chiu, a member of CPA Australia’s Taxation Committee for Greater China said, “Though we need to manage our expectations on the sweeteners for the coming fiscal year, we recommend the government maintain the 100 per cent tax rebate on the 2024/25 final salaries tax, subject to a ceiling of HK$10,000, and salaries tax allowances should be increased at least in line with the inflation.”
Mr Chiu also noted the potential for Hong Kong to adapt international examples on encouraging childbirth. “Hong Kong’s ageing population and low birth rate pose significant long-term consequences for the city. To help address these issues, the government should consider measures that help alleviate the financial burden of raising children, such as a childcare expense allowance with a maximum deduction of HK$60,000 and increase the child allowance to HK$150,000 per child and childcare and early childhood education subsidies,” Chiu added.
CPA Australia’s budget recommendations reflect a comprehensive approach to fostering sustainable economic growth while addressing the pressing challenges facing Hong Kong’s economy.
Hashtag: #CPAAustraliaHongKong
https://www.cpaaustralia.com.au/
https://www.linkedin.com/school/cpaaustralia/
The issuer is solely responsible for the content of this announcement.
CPA Australia
CPA Australia is one of the largest professional accounting bodies in the world, with more than 173,000 members in over 100 countries and regions, including more than 22,500 members in Greater China. CPA Australia is celebrating its 70th anniversary in Hong Kong this year. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on issues affecting the accounting profession and the public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au
Jointly organized by AsianNet and TradeAsia (www.e-tradeasia.com), ASOP has delivered exceptional results since its inception in 2022, attracting international buyers and generating significant business opportunities. The 2025 edition promises to be even more expansive, with a six-month exhibition period strategically aligned with major international events, including Paperworld India, Designed Giftionery Taiwan, China (Shenzhen) International Gifts & Homeware Fair, Hong Kong International Stationery Fair, China Stationery Fair (CSF) 2025, and ISOT Tokyo 2025. This alignment creates a synergistic platform for global buyers, facilitating convenient comparisons and streamlined purchasing experiences.
ASOP 2025 has already secured the participation of numerous esteemed Taiwanese suppliers, including industry leaders such as FRLEND CHLU, ELASTIN INTERNATIONAL, HIGHGRADE TECH, FLYWELL INTERNATIONAL and ACE DRAGON. These exhibitors will present their latest innovations across a diverse range of categories, including: Art & Craft, Art & Drafting Supply, Bags, Binding & Cutting, Computer Accessory & Peripheral, Computer Input Device, Desk Supply, Educational Supply, Festival & Party Supply, Gift & Gift Set, Gift Packaging & Accessory, Office Equipment, Office Furniture, Office Kitchen, Office Stationery, Paper & Paper Product, Paper Machinery, Printer Supply, Promotional Product, Publishing Supply, Writing Supply. With thousands of innovative stationery and office products, along with practical accessories and solutions on display, ASOP 2025 promises a comprehensive, engaging, and highly focused experience tailored to the needs of buyers and professionals in the stationery and office supplies industry.
ASOP 2025 Online Exhibition：
https://www.etradeasia.com/online-show/36/Asian-Stationery-Office-Products-Online-Exhibition-2025.html
In response to the evolving landscape of international trade, ASOP 2025 offers an array of virtual solutions to ensure accessibility and global reach. These include dedicated exhibitor pages, electronic catalogs, and immersive virtual exhibition halls—all seamlessly integrated with TradeAsia. Buyers can explore products, initiate inquiries, and engage in procurement discussions in real time, eliminating geographical barriers and travel constraints.
Founded in 1997, TradeAsia (www.e-tradeasia.com) is a premier B2B international trade platform, serving as a vital link between global buyers and suppliers. With millions of registered members, over 600,000 suppliers, and a vast catalog of products, TradeAsia is a trusted resource for businesses seeking to expand their international presence. By fostering collaborations with hundreds of trading entities worldwide, TradeAsia amplifies visibility and marketing impact for its members, providing a competitive edge in the global market.
With its extended duration and comprehensive platform, ASOP 2025 is poised to be the most influential event for the stationery and office products industry in Asia. Don’t miss this opportunity to connect with leading suppliers and explore the latest innovations.
Hashtag: #TradeAsia
The issuer is solely responsible for the content of this announcement.
Accelerating Growth in AI and AI Compute
HONG KONG SAR – Media OutReach Newswire – 22 January 2025 – Yeebo (International Holdings) Limited (“Yeebo” or the “Company”, stock code: 259, which together with its subsidiaries is referred to as the “Group”) announced that the board of directors of the Company (the “Board”) resolved to declare a special dividend of HKD1.8 per share today.
Hashtag: #Yeebo
The issuer is solely responsible for the content of this announcement.
About Yeebo (International Holdings) Limited
Founded in 1988, Yeebo (International Holdings) Limited is a diversified electronic component company, with a wide range of business interests in flat panel display, OLED and capacitor. Headquartered in Hong Kong, the manufacturing activities largely reside in Guangdong and Jiangsu provinces. With a global sales footprint, Yeebo is able to serve its global customers on a local basis.
Media OutReach
Aon Forecasts 11.1 Percent Increase in Employee Medical Plan Costs for Businesses in Asia Pacific
Medical trend rates in the APAC region rank second-highest globally, according to report
SINGAPORE – Media OutReach Newswire – 22 January 2025 – Aon plc (NYSE: AON), a leading global professional services firm, has released its 2025 Global Medical Trend Rates Report. The report forecasts a projected 11.1 percent rise in the Asia Pacific region (APAC), which is higher than the global projected increase for 2024 of 9.7 percent, which represented the highest increase forecasted in 10 years.
Trend rate figures represent the percentage increase in medical plan costs per employee – both insured and self-insured. Knowing estimated costs in advance can help organisations budget and adjust their benefits philosophy in response, ensuring programs are sustainable.
This year’s report projects APAC will experience the second highest year-over-year trend rate increase after the Middle East and Africa, which has the highest trend rate of any region at 15.5 percent.
| Forecasted Medical Trend Rate from 2024 to 2025 | ||
| 2024 | 2025 | |
| Asia Pacific | 9.7% | 11.1% |
| Global | 10.1% | 10.0% |
| Europe | 10.4% | 8.9% |
| North America | 7.6% | 8.8% |
| Latin America and Caribbean | 11.7% | 10.7% |
| Middle East and Africa | 15.1% | 15.5% |
“The biggest rise in medical utilisation and inflation are now behind us in APAC, but recovery in insurer profitability is expected to keep medical trend rates in the double digits for 2025 and 2026,” said Alan Oates, head of global benefits for Asia Pacific at Aon.
“The high medical trend rate can also be attributed to a higher incidence of cancer and chronic conditions than before the COVID-19 pandemic. Managing the impact of medical inflation therefore should be a top priority for all southeast Asia markets and especially important in New Zealand, Papua New Guinea, Thailand and Vietnam, which are seeing 50 to over 100 percent increases compared to last year,” Oates explained.
The survey further revealed that prescription and specialty medications, including weight loss medication, innovations in medical technology, and geopolitical factors, are significantly impacting medical trend rates in APAC and around the world. In addition, support for emotional health as the fastest-growing claim in Aon’s APAC client portfolio, wellbeing initiatives designed to mitigate stress, along with other plan enhancements, are also contributing to the double-digit medical trend.
“Although most insurers are still raising premiums, we are seeing a slight drop in some markets where risk appetites are returning among insurance providers that were quick to take corrective measures in previous renewal periods. As these insurance providers can now offer competitive pricing terms, we are encouraging clients to test the market as there is increasing value in doing so,” said Marina Sukhikh, professional services industry practice leader, global benefits for Asia Pacific at Aon.
How are Companies Addressing Rising Costs?
Wellbeing programs, plan design changes, alternative financing, data and analytics and flexible benefits are among the top strategies employers are expected to undertake in 2025 to affordably promote a healthy workforce.
Sukhikh said, “Aon has observed growing co-investment in wellbeing initiatives by employers and insurers. Greater investment is being matched with greater scrutiny into investment return, and wellbeing programs are increasingly being integrated and aligned with prevention strategies. For example, more initiatives are targeting physical inactivity, poor stress management, hypertension, high cholesterol and other risk factors driving chronic conditions that lead to adverse future claims.”
“We are encouraging clients to seek a more integrated value-based outcome from insurers where they are cooperating in the sharing of data, investment in wellbeing and offering creative solutions for design and financing. Sophisticated analytics tools, such as Aon’s Health Risk Analyzer, are helping companies leverage a growing volume of multi-source data, not just to identify and mitigate today’s risks but to accurately predict and prepare for the risks of tomorrow. Technology is helping us identify under-served populations and anticipate opportunities faster than ever,” added Sukhikh.
According to Aon’s 2024 Global Benefits Trends Study, employers in around 60 percent of countries are expected to use flexible benefit plans to address diverse workforce needs while controlling overall benefit costs. Meanwhile, one in three are actively considering alternative benefits financing arrangements, such as multinational pooling, global underwriting and captives.
“More than at any point in the last 10 years we have observed employers taking steps to reduce plan design due to affordability. Flexibility and choice have been a valuable tool in design change because employees generally place a greater value on shorter-term flexibility and choice than they do on longer-term core benefits. Alternative funding will not materially reduce cost, which is generally determined by claims and scale, but it can smooth cost volatility over a longer period than is possible with direct insurance and that is helpful in this volatile market,” Oates added.
Read Aon’s 2025 Global Medical Trend Rates Report.
About the report:
The report is based on insights from 112 Aon offices that broker, administer, or advise on employer-sponsored medical plans in each of the countries covered in the report. The findings reflect the medical trend expectations of Aon professionals based on their interactions with clients and carriers represented in the portfolio of the firm’s medical plan business in each location.
As employer-sponsored medical plans become a larger part of total rewards spend and pressure mounts to accurately forecast and manage costs, this report is a valuable resource for organisations to plan global budgets and benefits strategies for 2025 and beyond.
Read Aon’s 2025 Global Medical Trend Rates Report.
Hashtag: #Aon
The issuer is solely responsible for the content of this announcement.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
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Disclaimer
The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.
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