The intellectual property (IP) regime has all along been very important to Hong Kong as an international trade centre. Updating Hong Kong's copyright regime and strengthening copyright protection in the digital environment are important parts of the strategy to develop Hong Kong into a regional IP trading centre under the National 14th Five-Year Plan. Hong Kong's IP regime must keep abreast with the times and international norms, as well as meet its social and economic needs. A spokesman for the Commerce and Economic Development Bureau said, "The Copyright (Amendment) Bill 2022 (the Bill) was gazetted today (May 27). The copyright system is an important part of the IP regime. On the one hand, it effectively protects private property rights arising from original works. On the other hand, it allows the public to make reasonable use of copyright works. This is crucial to encouraging creativity, technological development, as well as the dissemination and advancement of knowledge, underpinning the development of a knowledge-based economy. "To strengthen copyright protection in the digital environment, the Government has introduced amendment bills twice, in 2011 and 2014 respectively, into the Legislative Council (LegCo). While the respective LegCo bills committees supported the passage of the amendment bills on both occasions, the corresponding legislative processes could not be completed before the expiry of the respective LegCo terms. After improving the electoral system, enabling the executive and the legislature to resume rational interaction, we consider that it is high time to revive the long overdue copyright legislative amendment exercise. We believe that LegCo will surely complete scrutinising the Bill in a serious, detailed and efficient manner for its early passage." The key legislative proposals of the Bill, using the Copyright (Amendment) Bill 2014 as the basis, are the result of years of consultations and deliberations since 2006, representing the consensus and balance of interests of different stakeholders. The relevant legislative proposals cover the following five key areas: 1. To introduce an exclusive technology-neutral communication right for copyright owners in light of technological developments; 2. To introduce criminal sanctions against infringements relating to the new communication right; 3. To revise and expand the scope of copyright exceptions to allow use of copyright works in certain common Internet activities; facilitate online learning and operation of libraries, archives and museums; and allow media shifting of sound recordings, etc; 4. To introduce "safe harbour" provisions to provide incentives for online service providers to co-operate with copyright owners in combating online piracy and to provide reasonable protection for their acts; and 5. To introduce two additional statutory factors for the court to consider when assessing whether to award additional damages to copyright owners in civil cases involving copyright infringements. The Government conducted a three-month public consultation on updating Hong Kong's copyright regime in November 2021. The majority of respondents agree that there is an imminent need for Hong Kong to update the copyright regime and generally support the Government's key legislative proposals. The LegCo Panel on Commerce and Industry also supports these proposals. The spokesman said, "We will continue to engage stakeholders and solicit LegCo's support during the legislative amendment exercise to secure passage of the Bill as soon as possible. This will also demonstrate to society that after improving the electoral system, the executive and the legislature can effectively resolve issues which affect our long-term economic development, and work together to develop Hong Kong into a regional IP trading centre." The Secretary for Commerce and Economic Development will introduce the Bill into LegCo for first and second readings on June 8. Ends/Friday, May 27, 2022Issued at HKT 11:01
From:The Goverment of the Hong Kong Special Administrative Region Press ReleasesDetails
Reducing profits tax, salaries tax and tax under personal assessment for the year of assessment 2021/22
The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2021/22 by 100%, subject to a ceiling of $10,000 per case. The relevant legislation for the tax reduction was passed by the Legislative Council and gazetted on 14 April 2022.
For profits tax, the ceiling of the tax reduction is applied to each business. For salaries tax, the ceiling is applied to each individual taxpayer; but for married couples jointly assessed, the ceiling is applied to each married couple (i.e. capped at $10,000 in total). For personal assessment, the ceiling is applied to each single taxpayer or married person who elects for personal assessment separately from his / her spouse. If a taxpayer elects for personal assessment jointly with his / her spouse, the tax reduction is capped at $10,000 for the married couple.
The tax reduction is not applicable to property tax. Individuals with rental income, if eligible for personal assessment, may be able to enjoy such reduction under personal assessment.
A taxpayer who is separately chargeable to salaries tax and profits tax can enjoy tax reduction under each of the tax types. For a taxpayer having business profits or rental income and electing for personal assessment, the reduction will be based on the tax payable under personal assessment. It might be different from the amount of tax reduction he / she would get if he / she was not assessed under personal assessment. The exact position will need to be evaluated case by case.
To elect for personal assessment, eligible taxpayers should complete Part 7 of his / her tax return for individuals (BIR60) for the year of assessment 2021/22. Individuals having salaries income only, but no business profits and rental income, need not elect for personal assessment.
The reduction will reduce taxpayers’ amount of tax payable for the year of assessment 2021/22. Taxpayers should file their profits tax returns and tax returns for individuals for the year of assessment 2021/22 as usual. The Inland Revenue Department will effect the reduction in the final assessment. For any final assessment for the year of assessment 2021/22 issued before the enactment of the law, the Inland Revenue Department will make a reassessment. Taxpayers are not required to make any applications or enquiries to the Department.
The tax reduction will only be applicable to the final tax for the year of assessment 2021/22, but not to the provisional tax of the same year. Therefore, taxpayers are still required to pay their provisional tax on time despite the reduction measure. The provisional tax paid will be applied to pay the final tax for the year of assessment 2021/22 and the provisional tax for the year of assessment 2022/23. Excess balance, if any, will be refunded.
Source: Inland Revenue Department, Hong Kong Special Administrative RegionDetails
Companies Registry New Inspection Regime
The Companies Ordinance (Cap. 622) (“CO”) provided for a new inspection regime for personal information on the Companies Register (“the Register”) maintained by the Companies Registry (“the Registry”).The Register maintained by the Registry contains personal information available for public inspection. Such personal information includes, among other data, the usual residential addresses (“URAs”) and full identification numbers (“IDNs”) of directors of companies, and full IDNs of company secretaries and some other individuals (such as liquidators and provisional liquidators). Similar personal information is also contained in the registers kept by companies which are open for public inspection.Pursuant to the relevant provisions of the CO concerning the New Inspection Regime which were passed by the Legislative Council in July 2012 but had not fully commenced, correspondence addresses instead of URAs of directors and partial IDNs instead of full IDNs of directors, company secretaries and other relevant persons would be made available on the Register for public inspection. The URAs and full IDNs (“Protected Information”) would only be accessible by “specified persons” upon application. Similarly, companies may withhold from public inspection the Protected Information on the registers they have kept.The New Inspection Regime will be implemented in three phases. Details of the phased implementation are as follows:-
Phase 1
From 23 August 2021, companies may replace URAs of directors with their correspondence addresses, and replace full IDNs of directors and company secretaries with their partial IDNs on their own registers for public inspection;
Phase 2
From 24 October 2022, Protected Information on the Index of Directors on the Register will be replaced with correspondence addresses and partial IDNs for public inspection. Protected Information contained in documents filed for registration after commencement of this phase will not be provided for public inspection. “Specified persons” could apply to the Registry for access to Protected Information of directors and other persons; and
Phase 3
From 27 December 2023, data subjects could apply to the Registry for protecting from public inspection their Protected Information contained in documents registered with the Registry (“Withheld Information”), and replace such information with their correspondence addresses and partial IDNs. “Specified persons” could apply to the Registry for access to Withheld Information of directors and other persons.
Comprehensive information on Phase 1 of the New Inspection Regime, including external circular, frequently asked questions etc. are available in this thematic section.
Click here to view: Commencement of New Inspection Regime – Phase 1
The detailed arrangements for implementation of Phase 2 and Phase 3 of the New Inspection Regime will be announced on this website and updated in this thematic section nearer the time.
From:Companies RegistryDetails
