The Hong Kong Shipowners Association (HKSOA) has voiced its support for the recommendations contained in the Maritime Leasing Paper that was published by the Financial Services Development Council (FSDC) and concerns the long-term growth of the city's maritime industry.
The HKSOA said it shares the FSDC'a concern that Hong Kong must expedite efforts to build a base for commercial principals including ship owners, lessors, carriers, investors, operators and ship-management companies, with a view to attracting more service providers to Hong Kong and expanding its maritime cluster.
"Commercial principals are the drivers of the maritime business. Hong Kong in particular needs commercial principals to maintain and grow its maritime presence," said association chairman Jack Hsu.
"Of more commercial principals are attracted to Hong Kong, it makes commercial sense for the related service providers to follow. From time to time, we come across principals from both overseas and the mainland of China that are interested in setting up operations or regional offices in Hong Kong, as long as the city provides a stable tax and investment environment."
The HKSOA supports the various recommendations in the FSDC's paper including urging the government to ensure the stability and transparency of Hong Kong's section 23B tax regime; and to conduct a full consultation with the industry during the government's preferential tax regime review.
The body also supports efforts to reduce the standard profits tax rate for qualified ship leasing management activities and shipping-related support services; to conclude more double tax agreements with major shipping jurisdictions; and to upgrade the efficacy of the Hong Kong Maritime and Port Board.
Sources:schednet
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