Hong Kong's Secretary for Financial Services and the Treasury, Mr Christopher Hui, outlined the government's comprehensive action plan to promote the development of corporate treasury centres in the city during a media session on Saturday, June 13, 2026, following his appearance on a radio programme.
The Action Plan to Promote the Development of Corporate Treasury Centres in Hong Kong encompasses four key areas, which Mr Hui summarised as the four "T"s: tax revamp, tax agreements, targeted promotion, and talent and dialogue with the market. The initiative aims to solidify Hong Kong's position as a premier destination for multinational corporations to establish their regional treasury operations.
A central feature of the action plan is the introduction of a pre-approval mechanism for tax concessions related to corporate treasury centres. Mr Hui explained that this measure directly responds to market demand, noting that companies require certainty regarding tax benefits when deciding whether to establish treasury operations in Hong Kong. "By having this pre-approval mechanism, we can afford them with the certainty that they need before they consider and also decide to set up such corporate treasury centres here," he stated. The Secretary expressed confidence that this streamlined approach would encourage more corporations to choose Hong Kong for their treasury operations.
On the topic of tax treaties, Mr Hui highlighted Hong Kong's expanding network of Comprehensive Avoidance of Double Taxation Agreements (CDTAs), noting that the city recently signed its 58th such agreement with Cyprus, a European Union member state. He indicated that the government's strategy moving forward will focus on signing agreements with countries where Hong Kong-based businesses are expanding, particularly along the Belt and Road Initiative. "We have to follow where our clients are. For many of these Chinese Mainland companies or international companies going global through Hong Kong, they are going into various types of countries, including those along the Belt and Road," Mr Hui explained. This broader treaty network enables companies to take advantage of lower taxation both in Hong Kong and in partner jurisdictions.
When asked about specific targets for increasing the number of corporate treasury centres under the action plan, Mr Hui acknowledged that corporate decisions of this nature take time to materialise. He emphasised that the government is focused on establishing a high-level framework and detailed enhancement measures. "What we are trying to do now is set up a rather high-level framework and also action plan in such a way that we can follow up with very detailed and very exact taxation and also other enhancement measures in order to draw more such centres to Hong Kong," he said.
The initiative underscores Hong Kong's continued efforts to maintain its competitive edge as an international financial hub, particularly in attracting regional treasury functions that bring high-value jobs and economic activity to the city. The action plan represents a coordinated approach across tax policy, international treaty negotiations, and targeted promotion to create a more favourable environment for corporate treasury operations.
Sources: HKSAR Government
