Chen Maobo: The tax reduction arrangement for the first registration of electric vehicles in Hong Kong will be extended for two years, and government buildings will take the lead in energy saving and emission reduction.

On February 28, the Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan Mo-po, delivered the Budget for the fiscal year 2024-2025. In the field of new energy, the Hong Kong government is actively promoting the trial of different new energy public transportation vehicles, including new energy buses, as well as supporting industry trials of different types of new energy commercial transport vehicles through the New Energy Transport Fund, including electric trucks and electric tour buses. Paul Chan Mo-po emphasized that the government encourages the wider use of electric vehicles. The first registration tax concession scheme for electric vehicles expiring at the end of next month will be extended for two years. However, considering factors such as the lowering of electric vehicle prices and increase in model options, the concession amount will be reduced by 40%. Under the "one-for-one" replacement scheme for electric private cars, the highest concession amount for the first registration tax will be adjusted to HK$172,500, while the upper limit for general electric private cars will be adjusted to HK$58,500. Furthermore, based on the principle of "the more you pay, the more you get," electric vehicles with a pre-tax price exceeding HK$500,000 will no longer receive the concession. As for other types of electric vehicles, including electric commercial vehicles, electric motorcycles, and electric motor tricycles, the first registration tax will continue to be fully exempt for the next two years. At the opening event of "Hong Kong Green Tech Forum 2024" held as part of the "Hong Kong Green Week" launched two days ago, Paul Chan Mo-po stated that green is the foundation of high-quality development. For example, global investments in clean energy last year were estimated to exceed USD 1.7 trillion, surpassing investments in the upstream industry of the oil sector for the first time. Clean energy also brings about surrounding social benefits. The global potential for green development is enormous, and Hong Kong will not be absent in this trend. He mentioned that in terms of green finance, Hong Kong is an international financial center, leading Asia in green finance and sustainable finance, with a complete capital industry chain that can meet the financing needs of startups and companies at different development stages. In terms of green technology, Hong Kong has its advantages, while the sister cities in the Greater Bay Area are also outstanding in product transfer, technology research and commercialization, advanced manufacturing, etc. Working together can generate tremendous synergies, creating a complete industry chain. Looking ahead, the SAR government will spare no effort in accelerating the development of an international green technology and green finance center. Hong Kong will serve as a superb connector for green initiatives, attracting enterprises, funds, and professionals fro...