Hong Kong fast-tracks building of IP center

HONG KONG: Hong Kong will roll out a slew of measures, including tax relief, to shore up the region’s intellectual property trade, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) government Paul Chan said on Sunday.

The HKSAR government is working on policy moves to lower the tax rate on eligible patent-related profits from 16.5 percent to 5 percent, establish a Technology & Innovation Support Center for the World Intellectual Property Organization and update Hong Kong’s Copyright Ordinance to accommodate the latest developments of artificial intelligence, Chan said in his blog.