20 February 2023, Hong Kong, China – AICPA & CIMA, together as the Association of International Certified Professional Accountants, have sent recommendations to the Government of the Hong Kong Special Administrative Region for the upcoming Budget.
Designed to help improve productivity and generate sustainable growth in Hong Kong and the Greater Bay Area, the recommendations focus on two key areas: future skills, and economic growth and productivity. They were set out in a letter sent to Mr Paul Chan, GBM, GBS, MH, JP, Financial Secretary of the Government of the Hong Kong Special Administrative Region.
Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants said, “As the world’s largest professional accounting and finance body, AICPA & CIMA are engaged with many governments around the globe facing similar challenges around productivity and innovation, growth and building a stronger workforce. If Hong Kong and the Greater Bay Area want to succeed on the long-term, the government needs to implement ambitious and tangible policies to encourage investment in skills, stimulate business innovation and support the shift to a sustainable economy.”
Jasper Chung, ACMA, CGMA, Chair of the Hong Kong SAR Area Committee at AICPA & CIMA, together as the Association of International Certified Professional Accountants, added, “Investing in our people is our priority. We must help them develop the right skills and competencies needed to drive the next wave of innovation, productivity and growth in business, and in turn our national economy, or risk being left behind. To achieve this, it is vital that we support individuals to reskill and upskill throughout their careers and help them adapt their skillsets to thrive in both today and tomorrow’s business environment.”
AICPA & CIMA’s proposals for the upcoming Budget include:
Maximising the potential of the Continuing Education Fund (CEF) to promote future finance skills by extending it to include the full reimbursement of tuition and examination fees for taking professional examinations. This would help ensure businesses have access to the talent they need for success.
Introducing skilled and professional apprenticeships as an alternative to full funding of professional qualifications under the CEF, which would help businesses build employee loyalty, enhance value creation and contribute to a strong labour market.
Reviewing the self-education tax deduction standards to offer include online courses from overseas options to encourage more individuals to pursue self-learning in order to build a highly skilled workforce for Hong Kong.
Extending access to existing R&D schemes to small and medium businesses (SMEs)
to help them drive and improve the performance of their organisations, which would in turn contribute to Hong Kong’s economic growth and enhance productivity.
Promoting the role of management accountants in supporting effective and efficient government and public services delivery. Having more management accountants would help public services make sure they are focused and reporting against the results and objectives they wish to achieve and driving value for money for the taxpayers.
Cultivating accounting, finance and business professionals who are knowledgeable about environmental, social and governance (ESG) issues to help organisations deliver on their ESG goals and boost business growth.