The Inland Revenue Department recently revised the tax guidelines on tax exemptions for charitable organizations. If any organization engages in activities that are not conducive to national security, the Inland Revenue Department can revoke its tax exemption qualifications.
The Secretary for Financial Services and the Treasury, Xu Zhengyu, stated in a radio program today (19th) that the goal of charitable organizations should be to lead people to good and promote the advancement of society, but harm to national security or illegal behavior is not a relevant category: "In my mind, charity is a guide. To be good and do good things. As a donor, there is no reason to "do bad things with good intentions." Professional and will not make accusations at will.
Xu Zhengyu, Secretary for Financial Services and the Treasury.
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Xu Zhengyu said that after the revised guidelines, the government will review whether the work of a new or existing organization deviates from its purpose. If there is a difference, it will take action.
He also emphasized that charitable organizations all hope to "lead people to good" and advance society, but endangering national security or illegal behavior is not a relevant category. Therefore, after the revision, everyone will be clearer: "In my mind, charity leads people to good. To do good things, as a donor, there is no reason to "do bad things with good intentions." I will make you do bad things."
Will not qualitatively endanger national security if the government does not like institutions
Regarding religious groups and social welfare unions that the definition of unfavorable national security is too vague, and worried that the authorities will be able to accuse them if they are dissatisfied with certain groups in the future, Xu Zhengyu responded: "Absolutely not!" He explained that it will be defined by the Inland Revenue Department when reviewing the case. , And also said that "the colleagues of the tax bureau are very professional."
Xu said that the government has always used relevant codes. At present, it has only strengthened and added elements of national security. It is not a new thing, so that the society and charity organizations have a clear statement: "Let everyone know that there is something that should be done, and that there is something about it. It belongs to the category of charity."
The Inland Revenue Department recently revised the tax guidelines on tax exemptions for charitable organizations, stating that if any group engages in activities that are not conducive to national security, the tax bureau will no longer recognize it as a charity and can be revoked from tax exemption.
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Xu Zhengyu: Regulation is not unique to China
In addition, the recent tightening of supervision in the Mainland has caused stock market turmoil. Xu Zhengyu said that different places will regulate emerging industries such as technology. Problems faced by the whole world.
The development of Qianhai and Hong Kong is not a "zero-sum game"
The central government announced the "Qianhai Plan" earlier and was asked how Hong Kong can participate. Xu Zhengyu said that Hong Kong’s advantage is professional services, so he is actively considering helping professional services do more business in Qianhai and expanding the service market. .
The scale of Qianhai is equal to two Hong Kong islands, and the service industry currently accounts for 90% of Hong Kong’s GDP. Xu Zhengyu believes that the future development of the service industry in the Mainland is not a "zero-sum game" and should abandon related concepts.
He said that although Hong Kong has a small area, it carries a lot of financial services. The assets under management in Hong Kong are currently 11 to 12 times the GDP.
He believes that the national development momentum is "unstoppable" and that "integrating into the overall national development...will only benefit us."
Amend the "Company Ordinance" to require shareholders and directors to declare their nationality?
Bureau of Finance: Unplanned Carrie Lam: Revise the tax guidelines for charities to prevent violations of the National Security Act and have the responsibility to clarify the National Security Act｜Tang Jiahua: If you know that the donation is a crime benefiting from a charity or committing a crime of money laundering, the National Security Act National security activities will be withdrawn from tax exemption status effective today
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