The Hong Kong Budget of 2022/2023 and possible solutions to the German Supply Chain Law
The Hong Kong Budget 2022/2023
While the forecasted deficit of HK$ 101 billion turns into a surplus of HK$19 billion, economic growth rebounds to 6.4% after a two-year recession, the unemployment rate goes down from 7.2% to 3.9%, all permanent residents receive HK$10,000 while salaries and profits tax is reduced significantly, many of the announced measures seem to be fruitless attempts to rescue businesses which may later go bankrupt anyway and appear to postpone financial difficulties, rather than curing them. Overall, a relaxation of COVID restrictions, in line with the policy adopted by many countries around the globe, would be a more ideal solution for Hong Kong, together with inventive and effective solutions to combat the unprecedented crisis.
14 Things to Know About Germany’s New Supply Chain Due Diligence Law
The German Supply Chain Due Diligence Law (Lieferkettensorgfaltspflichtengesetz [LkSG]) was enacted by the German Bundestag on 11 June 2021 and will come into force from 1 January 2023. It obliges German-based companies above a certain size to fulfil their human rights and environmental obligations throughout the global supply chain. Starting from 1 January2023, companies with at least 3,000 employees will be covered, and from 1 January 2024 extend to companies with at least 1,000 employees. It is intended to ensure compliance with fundamental human rights standards such as the prohibition of forced labour and child labour.