Political situation
Written by Peng Zhuowei
2020-07-15 20:22
Last update date: 2020-07-15 20:22The Legislative Council convened the last general meeting of this session today (15th). Democrats will count the number of people at least 6 times a day, and will circulate the meeting at about 4.30 pm. Resuming the meeting, the Taxation (Amendment) (Profit Tax Relief for Insurance-Related Businesses) Bill 2019 was passed before the recess today. The meeting will resume at 9 am tomorrow.
There are 12 government bills on the agenda of the Legislative Council, and only one bill is currently passed. Some government officials admit that with the continuous number of Democrats, it is "impossible task to pass all the bills before the last Friday session of the meeting." "I believe some of them will start again in the next Legislative Council.
The Legislative Council convened the last general meeting of the current session. Democrats will count the number of people at least 6 times a day, and will meet again at about 4:30 pm. (Photo by Luo Junhao)
The Legislative Council passed the Taxation (Amendment) (Profit Tax Relief for Insurance-related Businesses) Bill 2019 with 41 votes in favor and 7 votes against it. The Secretary for Financial Services and the Treasury Xu Zhengyu Welcome.
The new regulations aim to amend the Inland Revenue Ordinance (Chapter 112) to provide a 50% profits tax reduction for all direct reinsurers’ general reinsurance business, direct insurer’s specific general insurance business, and specific insurance brokerage business (ie The tax rate is 8.25%).
Xu Zhengyu pointed out that the new regulations will promote the development of Hong Kong's maritime and underwriting special insurance business and promote the development of high value-added shipping services. The new regulations will also help the insurance industry to seize new opportunities, including the business opportunities brought about by the Belt and Road Initiative. The government will work with the Insurance Regulatory Authority to prepare for the next steps, including the implementation details and draft subsidiary legislation. The goal is to implement the above tax relief by the end of 2020 or early 2021.
Zheng Songtai, a passionate citizen, proposed to adjourn the debate on the United States to cancel the special treatment in Hong Kong. Liang Junyan said that US President Trump has signed an executive order and believes that members can follow up through different channels and there is no need to adjourn the debate in the Legislative Council. (Profile picture)
Zheng Songtai demanded adjournment to debate the abolition of special treatment in Hong Kong by the United States, rejected by Liang Junyan
At the beginning of this morning's meeting, the passionate civic congressman Zheng Songtai asked to adjourn the debate to discuss the issue of the cancellation of special treatment in Hong Kong. However, Liang Junyan said that US President Trump has signed an executive order and believes that lawmakers can follow up through different channels and there is no need to adjourn the debate in the Legislative Council. Liang Junyan also said that this meeting is the last meeting of the current Legislative Council, and bills on the agenda must be dealt with at this meeting, so the relevant motion is not approved.
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