Feb 2022
Dear Reader,
The year of the tiger, according to traditional belief, is about embracing changes. The tiger is thought to embody bravery, competitiveness, and strong willpower, but also a spirit of adventure and propensity towards risk.
For corporate decision-makers, applying at least some of these attributes in the world of business may prove useful in the coming twelve months, as internationally operating companies will need to transform and adapt to significant changes in the regulatory environment. Read more about new and upcoming supply chain legislations and ways to prepare your company in this issue.
As always, we thank you for your support and look forward to your feedback.
Stay safe and healthy!
Your GIC/GCC Team |
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| Rethinking Global Supply Chains |
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The year of the tiger promises to present globally operating companies with new opportunities, but also no shortage of challenges. New and upcoming pieces of legislation such as Germany’s Supply Chain Due Diligence Act and the proposed EU framework on sustainable corporate governance lay out complex sets of requirements, with practical implications for companies along their entire value chains – and a limited timeframe for implementation.
German companies with sourcing operations in Hong Kong and supplier networks across China and the Asia-Pacific region should therefore put the issue of sustainability high on their agenda and take proactive measures to ensure regulatory compliance. The key to successful preparation lies in the timely and thorough information and education of staff and business partners alike. |
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| The OECD released the rules for the proposed global minimum tax on 20 December 2021. The rules will require large multinationals with income over €750M to pay a minimum effective tax rate of 15% in each jurisdiction where they operate. This will significantly impact the tax positions of many MNCs, and is also likely to lead to changes in domestic tax systems, especially in relatively low tax jurisdictions such as Hong Kong, writes Ivor Morris, Partner at KPMG (a GCC member). |
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| Duty-free shopping is booming in China’s island province Hainan. Sales grew by as much as 84% in 2021, thanks to a higher value threshold since 2020, strong demand from domestic tourists, as well as the closed border to Hong Kong. Notwithstanding Omicron, Hainan’s role as a duty-free shopping hub is likely going to become more pronounced in the years ahead, as the island is on its way to become a free trade port with zero tariffs by 2025. What will this mean for Hong Kong? Insights from GTAI (German language). |
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| Basic Trade Ltd. is an experienced trading company for non-food items based in Hong Kong. Having successfully served clients out of Asia for over a decade, Basic Trade is dedicated to provide tailor-made products and services to clients worldwide. |
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Lily Fenn & Partners are a medium sized law firm in Hong Kong. The firm comprises experienced legal practitioners of diversified knowledge, experience and expertise. Their Senior Partner, Dr. Lily Fenn, has been in legal practice since 1984. |
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Schenck Process (Hong Kong) Trading Co. Ltd. was established in Hong Kong in July 2019 in efforts to assist with Schenck Process Group’s sales and marketing matters in the Asia Pacific region. |
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New Primary Corporate Representatives
- Fresenius Kabi Asia Pacific Ltd. – Mr. Ulf Jansson, Executive Vice President
- German Swiss International School (GSIS) – Dr. Dirk Bennhardt, Principal
Find all 2021-22 representative changes at a glance here. |
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Looking for a New Challenge?
Check out our DE Job Market for current openings: - Manager, Business Services
- Manager, GNTO Marketing & Sales Office Hong Kong
- Business Development & Marketing Internships
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| ... Hong Kong used to be home to wild tigers? |
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In 2018, Hong Kong authorities received a rather unusual call from a couple claiming to have encountered a wild tiger while hiking in Ma On Shan Country Park. A police search of the area however did not lead to any findings, and it was subsequently determined that the couple had, in all likelihood, spotted a leopard cat (pictured) instead – the closest animal to a tiger still native to Hong Kong. Yet, from a historical perspective, the couple’s story is not entirely unfounded.
Just a century ago, wild tigers were still roaming around the wilderness of Hong Kong and would occasionally cross paths with villagers. Well documented newspaper reports include a fatal tiger incident in Sheung Shui in 1915, which claimed the lives of a villager and two police officers; a tiger unintentionally caught in a deer trap in Sha Tin in 1926; as well as a tiger on the loose near the Stanley Internment Camp during the Japanese occupation in 1942. However, the local tiger population was quickly diminished in the post-war years. According to wildlife experts, no tiger sighting has been confirmed in Hong Kong since 1947. In fact, the last specimen of the South China tiger was recorded in the late 1980s and the species is now considered extinct.
Meanwhile, leopard cats do still occur in the wild in Hong Kong, although sightings are extremely rare. The elusive felines are nocturnal, similar in size to large domestic cats, and strictly protected under Hong Kong law. On the off chance you might come across one on your next hike: Don’t panic, but be sure to keep your distance. On this note, we wish you a happy and prosperous Year of the Tiger! |
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Contact
Any questions or comments? Reach out to us:
Hendrik Hillebrecht Manager, Communications & Committees
T: +852 2526 5481 | D: +852 2532 1218 |
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