Hong Kong, 30 March 2020 - The Financial Services Development Council (FSDC) today released a research report, entitled “Insuring Hong Kong’s Future – Tax Recommendations to Enhance and Grow Hong Kong’s Insurance Industry”. The report proposes tax recommendations intended for both insurance companies and individual policyholders. Such recommendations are proposed with a view to fostering the competitiveness of the insurance industry in Hong Kong and encouraging Hong Kong citizens to better protect their day-to-day health from risks and accidents through insurance.
The Chairman of the FSDC, Mr Laurence Li SC, said, “The insurance industry is an integral part of Hong Kong’s financial services sector and its economy. The growth of the industry will not only further solidify our city’s leading position as an international financial centre, but also create jobs and business opportunities as we flourish as international risk management centre. Insurance is also an indispensable element of social security and retirement planning, and its demand and importance is growing with time as we face an ageing population.”
Serving as an extension of the FSDC’s continuous effort to enhance the competitiveness of the insurance industry, recommendations in this report are designed to support such areas as general insurance, life insurance, reinsurance, insurance brokerage and the management of investment of insurance funds. This report also proposes tax recommendations to encourage individuals to plan for a healthier life and promote savings behaviour.
The full version of the report can be downloaded from the FSDC website: www.fsdc.org.hk.