The Government has proposed amending the law to exempt the trade declaration charge on imports, exports and re-exports of gold bars of 995 fineness or above - the internationally accepted trading standard - to enhance Hong Kong's competitiveness as a gold trading centre and logistics hub in the region.
The Commerce, Industry & Technology Bureau said today the proposal will enhance Hong Kong's competitiveness in the international gold market by reducing the relevant transaction costs, thereby putting Hong Kong on a par with other major gold trading centres, such as the UK.
Significant benefits are expected to arise if Hong Kong develops into a leading gold trading centre, the bureau added.
The amended law will be introduced into the Legislative Council on February 7. Subject to its approval, the amendment regulation will be gazetted on February 9 and come into operation the same day.
Currently, for non-food items including gold, the declaration charge for the imports and exports is 50 cents for the first $46,000 of the value of goods declared and 25 cents for each additional $1,000 or part thereof, ounded up to the nearest $0.10.
The Customs & Excise Department has informed relevant traders about the proposed exemption. Upon its enactment, the Census & Statistics Department will provide them with more details of the new arrangements through its departmental website, enquiries hotline and newsletter.
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