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good news! prices of gz-sz-hk high-speed link released!

the guangzhou-shenzhen-hong kong high-speed railway will be opened on september 23rd. the west kowloon station has set up hong kong and mainland port areas.

good news! prices of gz-sz-hk high-speed link released!

image | newsgd

44 rail stations will be connected

after a three-year delay, the guangzhou-shenzhen-hong kong high-speed rail will be opened on september 23. by then, the route will connect 44 high-speed rail stations in hong kong and the mainland, including at least 15 cities without airports.

last weekend, the design, construction and operation of the hong kong section of the high speed rail, mtr, invited about 20,000 hong kong citizens to visit the port area and provide guided tours and introductions. 

“very beautiful. 

the roof is like an airport.” 

“the facilities are very complete.” 

the mainland port area accounts for a quarter of west kowloon station, with a total gross floor area of approximately 105,000 square meters, with 40 stores and a large dining area.

good news! prices of gz-sz-hk high-speed link released!

image | scmp

good news! prices of gz-sz-hk high-speed link released!

image | scmp

compared with the bus or plane

the mtr corporation had previously forecast that more than 100,000 passengers would travel on different sections of the guangzhou-shenzhen-hong kong high-speed rail every day, but the latest data was reduced by about 30% to 80,100. the main stream of people will travel to shenzhen, with an estimated 66,400 people. 

previously, the traffic between hong kong and shenzhen was mainly subways and cross-border buses, both of which were lower in price. taking the guangzhou-shenzhen-hong kong high-speed rail to various cities is not as fast as nor as cheap as an airplane.

good news! prices of gz-sz-hk high-speed link released!

image | google

compared with the cross-border buses around hong kong, it is much faster to take the high-speed rail. hong kong’s largest cross-border bus company has predicted that passenger numbers will be reduced by 30%. but they believe that they can still set aside some customers with low prices. the bus is the cheapest way to travel around hong kong. 

if it goes well, the hong kong-zhuhai-macao bridge is expected to open this year and the bus journey will also speed up. however, the bridge has been reported many times this year that there may be security problems.

mtr, most profitable railway 

companies in the world

the guangzhou-shenzhen-hong kong high-speed railway was built in hong kong with an investment of more than hk$84.4 billion (equivalent to 73.59 billion yuan), more than one-third of the budget. every year, hong kong will levy a port usage fee of hk$1,000 to the mainland. this is a nominal fee. 

good news! prices of gz-sz-hk high-speed link released!

image | newsgd.com

similarly, hong kong will pay hk$1,150 for the use of shenzhen bay station. shenzhen bay station is located in shekou, shenzhen, and is about four times the size of west kowloon station. however, this fee has caused a lot of controversy in hong kong. 

“how can shekou compare with west kowloon?” 

a member of the legislative council questioned . the price around west kowloon is about hk$30,000 to 80,000 per square foot, equivalent to about 280,000 to 750,000 yuan per square meter, making it one of the most expensive areas in hong kong.

good news! prices of gz-sz-hk high-speed link released!

image | googleplay

the operator mtr corporation is one of the most profitable railway companies in the world with a profit of hk$17 billion (approximately rmb 14.82 billion) in 2017. however, the profitability of the guangzhou-shenzhen-hong kong high-speed rail is being questioned. 

different laws & regulations 

between hk and mainland

others worry that hong kong and the mainland will have different laws and regulations. according to related regulation, the hong kong port area is established and governed by the hong kong sar in accordance with the laws of hong kong, and the management of transit restricted areas is implemented. 

good news! prices of gz-sz-hk high-speed link released!

image | 文汇报

the mainland port area is established and governed by the mainland in accordance with this cooperative arrangement and the laws of the mainland, and the port management system is implemented. according to xinhuanet, this “cooperative arrangement” officially began after the ceremony was launched on september 4.

hacos invited to hong kong legal services forum 2018!

on september 5, the hong kong legal services forum was held in guangzhou. as an important event in hong kong and guangdong, hong kong chief executive carrie lam cheng yuet-ngor, deputy governor of guangdong province li chunsheng and hong kong secretary for justice teresa yw cheng attended the forum.

hacos invited to hong kong legal services forum 2018!

the secretary for justice, ms teresa cheng, sc (right), meets with the vice-governor of guangdong province, mr li chunsheng (left) in guangzhou today (september 5).

hacos invited to hong kong legal services forum 2018!

hong kong legal services forum

the forum was held in guangzhou the second time. the venue was packed with over 1,200 participants including some 120 hong kong legal practitioners and dispute resolution professionals

hacos was invited as a vice president unit of guangzhou foreign affairs advisory committee and a professional enterprise service provider. ms. nico, cheng ruihong, co-founder of hacos and co-founder of the product center, was invited by the hong kong trade development council to the forum. 

the hong kong legal services forum

the hong kong legal services forum is an important event for hong kong as an international legal and dispute resolution service centre in the asia pacific region. it has been held every two years since 2010 and this year is the fifth.  

as the world’s third largest financial center and the world’s free trade economy, hong kong has a transparent and sound legal system. it is a bridge for chinese companies to go global, and it is also the backing of foreign companies’ investment in mainland china.

hacos invited to hong kong legal services forum 2018!

the chief executive of hong kong, mrs carrie lam, attended the 5th hong kong legal service forum and gave a keynote speech in guangzhou yesterday.

“from bay area to international arena”

under the theme of this forum “from bay area to international arena”, the forum aimed at promoting hong kong as a professional legal services platform for “deal making and dispute resolving”, providing cross-border transactional legal services as well as dispute resolution services for enterprises “going out”. it mainly discusses the following aspects:

1.hong kong as a “transaction facilitator” and “disputer” can provide international legal and dispute resolution services for enterprises. how does hong kong act as a legal resource center in the development of greater bay area?

2.to discuss the legal problems commonly encountered by mainland enterprises, including the legal risk management, cross-border taxation issues, possibility of innovation and technology development in the process of cross-border transactions and investment in greater bay area, etc.

3. hong kong strengthens exchanges and cooperation with the legal profession and enterprises in guangdong province.

4. the model arbitration tribunal, a hong kong lawyer demonstrates how to effectively resolve disputes through arbitration.

to provide legal advisory services

 to deepen cooperation 

between gd and hk

 

as we all know, hong kong law is mature and familiar and recognized by the international business community. according to the 2017-2018 global competitiveness report, hong kong ranks first in asia in terms of judicial independence.

hacos invited to hong kong legal services forum 2018!

hong kong legal services forum site

as the international legal service hub of asia and the main international arbitration center in asia pacific, hong kong has a mature and stable legal system and comprehensive arbitration legislation. its perfect system and talent reserve provide high quality for the mainland and overseas enterprises. legal and dispute resolution services to assist companies in the greater bay area to expand their business or invest overseas.

1. the hong kong legislation is bilingual in both chinese and english. together with extensive and common law cases, it can provide proper legal protection for the international transactions and investment of enterprises.

2. hong kong has more than 10,000 practicing lawyers and approximately 1,500 registered lawyers from more than 30 jurisdictions, as well as a group of professionals in international law and dispute resolution. 

they have an international perspective, rich experience in dealing with international transactions, fluent in biliterate and trilingual, familiar with chinese and foreign business culture and customer needs. also they are good at helping various companies to provide legal aid, more adept at assisting companies in business negotiations and facilitating transactions.

hacos keeps walking

 

hacos were invited to participate in this hong kong legal forum. the co-founder nico cheng ruihong not only had in-depth communication with industry professionals on risk management of cross-border investment, hong kong investment practice, hong kong legal system, but also met more professional institutions and individuals in the legal profession.

hacos invited to hong kong legal services forum 2018!

hacos co-founder, product center leader nico cheng ruihong

as a co-founder, expert of hacos product development, financial and taxation, nico has been working tirelessly, leading the team to continuously improve professional service capabilities, broaden horizons and provide better service to our clients.

china to launch new anti-tax avoidance & strict punishment!

those who have been or is about to be involved in illegal activities, such as account opening for illegal money, money laundering or tax evasion in tax haven, will soon get into trouble as the crs will be put into effect in china from sep. and new anti-tax avoidance clauses were added into personal income tax last week, which may hit the act of off-shore tax evasion hard!

china to launch new anti-tax avoidance & strict punishment!

image | google

the first crs information 

exchange in china

you have probably heart about relevant introduction about crs and we have introduced it before.

china to launch new anti-tax avoidance & strict punishment!

© image | google

it’s worth noting that information exchange will be based on the identity of tax resident instead of nationality when crs takes effect in china.

example

mr. b is a french and has been living and working in china for a long time. in this case, he is considered a chinese tax resident and his overseas accounts have to be exchanged to china tax bureau rather than france tax bureau.

once a large overseas amount is found, relevant person may pay a large amount of overdue personal tax bill and corporate income tax of 25% of overseas company.

anti-tax avoidance clauses 

added into personal income tax 

for the first time

recently, revised personal income tax law was ratified by npc standing committee and is about to be put into effect from january 1 of next year, and anti-tax avoidance clauses are added for the first time.

china to launch new anti-tax avoidance & strict punishment!

tax authority has the right to adjust tax with reasonable methods when one of the following situations takes place:

  • business between individuals and related parties violates the arm’s length principle and has no proper reasons

  • enterprises controlled by individual residents or by individual residents and resident enterprises jointly in countries (areas) with relative low actual tax burden has no necessary and reasonable operation, profit that belongs to individual residents will not be distributed or will be reduced.

  • individuals start business with unreasonable purposes to gain improper tax benefit.

tax authority makes adjustment to tax based on previous clauses, impose overdue tax and interest.

example

mr. c invests through overseas bvi(tax haven virgin islands) shell company. under current tax law, bvi company can avoid individual a paying tax if the profit is not distributed to individual shareholders; however, in the case of anti-tax avoidance clauses, china tax authority can impose tax on bvi company with no business in the name of controlled relevant company. 

individuals added into 

anti-tax avoidance system

for a very long time, china income tax has been focusing on enterprises and related anti-tax avoidance measures have been aiming at legal representatives. but this anti-tax avoidance means relevant individuals’ tax avoidance behaviors are also added into anti-tax avoidance system.

it was reported by overseas media that a month ago, commercial banks in new zealand and australia have blocked thousands of accounts and investigated if the account holders are foreign taxpayers or not, and most of them turned out to be chinese residents.

china to launch new anti-tax avoidance & strict punishment!

image | nzherald.co.nz

 

china to launch new anti-tax avoidance & strict punishment!

for those who want to buy foreign passports or establish off-shore companies to evade tax, hide illegal fortune or even participate in money laundering, crs and new personal income tax put an end on their good days.

cryptocurrency promo events banned in china!

events promoting cryptocurrencies have been banned in guangzhou by the city’s financial development bureau (fdbg), according to numerous reports. the move comes in the wake of a prohibition on crypto promo events in beijing’s chaoyang district late last month.

cryptocurrency promo events banned in china!

image | pixabay

the fdbg stated that “all relevant units in the district (of guangzhou) may not undertake any form of virtual currency promotion and publicity activities,” according to national business daily.

the aim of the ban is allegedly to: 

“protect the property rights and interests of the public, safeguard the legal currency status of the renminbi, prevent money laundering and maintain the security and stability of the financial system.”

the move is the latest in a long line of measures aimed at clamping down on crypto exchanges and services. 

according to crowdfund insider, chinese government officials recently stated their intention to block citizens from accessing over 100 offshore cyrptocurrency exchanges. currently, only four major exchanges are blocked: 

  • binance, 

  • bitfinex, 

  • huobi

  • okex.

back in april, the outgoing head of china’s central bank, zhou xiaochuan, took aim at cryptocurrencies, stating “we do not currently recognize bitcoin and other digital currencies as a tool like paper money, coins and credit cards for retail payments. the banking system does not accept it.”

according to technode, tech giant baidu recently closed a large number of online forums related to virtual currencies and alibaba and tencet are allegedly working to combat crypto transitions made through their e-payment platforms. 

and the battle for blockchain’s acceptance in china continues… 

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