New Financial Services director takes office

Ho In Mui (left), Lionel Leong and Iong Kong Leong

The Financial Services Bureau (DSF)’s focus this year is to amend the Budget Framework Law, says the new bureau director, Iong Kong Leong.
According to Iong, who took office yesterday, a new draft bill – much anticipated to help regulate the management of public finances – will be released to the public next Tuesday. This will be followed by a 45-day public consultation. Until yesterday, Iong Kong Leong was DSF’s deputy director.
The local community has long called for new legislation on the SAR’s fiscal budgetary system, as cost and schedule overruns on public works have been a constant burden on the city. Using an inherited framework law from the Portuguese administration, the current regime has undergone several iterations over the course of three decades.
Pledging that the new Budget Framework Law will increase supervision of the authority’s fiscal spending and budget execution by the community and elected lawmakers, Iong revealed yesterday that the draft law suggested “establishing funds specifically set aside to be used exclusively for their intended purposes; setting upper limits on additional funding; and requesting [fund executors] to submit interim reports.”
The DSF’s new deputy director, Ms Ho In Mui, noted that the new bill could curb poor project execution rates under the Public Investment Plan   (PIDDA), as “it will require that relevant departments promptly release details on budget execution progress on PIDDA projects to the Legislative Assembly (AL) for improved supervision.”
“The bill is in the final stage of drafting. Later we will submit it to the Legal Affairs Bureau for revision and then to the Executive Council, before it is presented to the Legislative Assembly,” Iong added.
Iong Kong Leong took office along with Ho In Mui. Officiating at the inauguration ceremony, the Secretary for Economy and Finance, Lionel Leong, acknowledged that, “The DSF will require a great deal of innovative thinking that needs to be implemented to keep up to date so that it can further improve the public financial system, maintain optimal utilization of the taxation system, and constantly enhance the DSF’s public services.”
According to Iong, the bureau’s tasks this year also focus on improving the taxation law, plugging loopholes and simplifying procedures. The bureau is also pushing for legislation to enhance transparency and bilateral exchange of information to combat cross-border tax evasion. In addition, the DSF will revise the standards for certified accountants in order to obtain international accreditation for their qualifications.