Govt Issues National Security Warning To Charities
"); jQuery("#212 h3").html("

"); });
2021-09-13 HKT 16:05
The government says it will start stripping charities of their tax exemption status if they are deemed to have violated the national security law.
Treasury Secretary Christopher Hui made the announcement in a blog post on Monday, saying the authorities can't allow national security to be jeopardised.
"Promoting public interest through charitable work should of course be encouraged, but we also have to prevent people with ulterior motives from endangering national security in the name of charity," said Hui.
"If any organisation is found to have participated or used its resources to support or promote activities contrary to the interest of national security, we will not hesitate to strip it of its charity status and withdraw its tax exemptions," he warned.
"Our commissioner of inland revenue has to review if there's anything that should be adjusted to fit new situations, and [it would be] only right for him to make amendments according to the national security law."
Hui sidestepped questions from reporters at Legco as to whether the government already has a list of charities to be investigated.
The Tax Guide for Charitable Institutions and Trusts of a Public Character has been amended to include the national security requirement, with Hui saying the changes come into force immediately.
ZA Bank Brings Nasdaq Data To Hong Kong, Expanding US Stock Access And Investor Education
ZA Bank and Nasdaq have announced a collaboration aimed at enhancing digital wealth management in Hong Kong and interna... Read more
Hong Kong To Study One‑Stop Infrastructure For Equities, Bonds And Digital Assets
The Hong Kong Monetary Authority’s (HKMA) CMU OmniClear and the Hong Kong Exchange (HKEX) are set to begin a study on... Read more
Hong Kong To Issue First Stablecoin Licenses In March, Expand Crypto Regulation
Hong Kong will issue its first licenses for fiat-referenced stablecoin issuers in March and introduce new legislation l... Read more
MSIG Joins US$6B IFC Credit Insurance Facility To Boost Emerging Market Lending
MSIG USA and Mitsui Sumitomo Insurance (MSI Japan), together referred to as MSIG, have joined a new insurance-ba... Read more
Why The $2 Trillion Stablecoin Prediction Is Too Low
McKinsey estimates the stablecoin market will hit $2 trillion by 2028. But according to Sam Lin, COO of dtcpay, even th... Read more
RedotPay Eyes US IPO With Potential US$1 Billion Raise
RedotPay is reportedly exploring an IPO in the US that could raise more than US$1 billion, according to people famili... Read more
