Top among these was a tax cut, with the report suggesting Hong Kong cut profits tax for maritime and ship leasing management and maritime and shipping-related supporting services by half or setting it not higher than 8.25%. This would encourage the growth of shipping and maritime-related support and management services, the report said.
Other recommendations include allowing qualified investors to access credit and liquidity enhancement products supported and/or endorsed by sovereign-rated financial institutions, encouraging the growth of shipping and maritime-related support and management services, talent development in the maritime cluster, signing more double tax agreements with major shipping jurisdictions, especially Australia and Brazil, increasing participation in international industry bodies by Hong Kong-based organisations, and upgrading the Hong Kong Maritime and Port Board (HKMPB) or creating a centralised Maritime Office to oversee maritime and shipping-related policy, regulation, other initiatives and act as a channel for private sector input into the policy process.
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FSDC chairman Laura Cha, said: "The maritime industry has been traditionally one of the pillar industries of Hong Kong but has shrunk in size over the last decade. As an international financial centre, Hong Kong is in a uniquely advantageous position to drive shipping-related financial services. Hong Kong needs to further develop its maritime cluster in view of the fierce competition from global maritime centres. Hong Kong must maintain and enhance its competitive advantages of the maritime cluster for the sustainable growth of the shipping industry."
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