TechInvention Lifecare announces the ground breaking of its state-of-the-art Global Collaborative Centre for Medical Countermeasures

MUMBAI, INDIA, Feb 28, 2024 – (ACN Newswire) – In a significant stride towards enhancing global health security and pandemic preparedness, TechInvention Lifecare Pvt. Ltd. is proud to announce the ground breaking of its Global Collaborative Centre for Medical Countermeasures (GCMC) with an investment of approx. USD 15 million. The centre is strategically located close to the upcoming international airport in Navi Mumbai, India.

Prototype - Global Collaborative Centre for Medical Countermeasures (GCMC)
Prototype – Global Collaborative Centre for Medical Countermeasures (GCMC)

GCMC has been acknowledged for its global significance at the 2nd World Local Production Forum in The Hague on 6-8 November 2023, organized by the WHO. The objective of GCMC is well aligned to WHO’s call to action, CEPI’s 100 days mission, India’s National Biotechnology Development Strategy (2020-2025), and other global key initiatives.

This facility will serve the needs of both public and private organizations, such as academic institutes, start-ups, MSMEs, and R&D organizations, to provide a comprehensive ecosystem, facilitating the transition from R&D to GMP-scale production for pre-clinical/clinical batches with required regulatory approvals.

GCMC is a unique eco-friendly centre to cater to crucial medical countermeasures—the entire cycle of vaccine development, from strain to supply, biotherapeutics and diagnostics for both human and veterinary segments, while ensuring sustainable manufacturing. This initiative aligns with the One Health approach, emphasizing the interconnection between human, animal, and environmental health.

Mr. Syed S. Ahmed, Director and CEO of TechInvention, expressed, “The current challenges posed in biologics equity arise from the disparity in translational research dissemination from the centres of excellence to the regional manufacturing ‘hub and spoke’ model setups. We believe that GCMC would be the needed intervention, strengthening the hubs by providing ‘scaled-up’, regulatory-approved, cost-effective, and free of IP infringement biosolutions sourced from both indigenous research and centres of excellence worldwide”.

About TechInvention Lifecare Pvt. Ltd.: https://techinvention.biz/ 

TechInvention Lifecare Pvt. Ltd. distinguishes itself as a unique Indian biotech company, supporting the ‘One Health’ concept by integrating three pivotal interventions: diagnostics, vaccines, and biotherapeutics, catering to both human and veterinary sectors. Its innovation is dedicated to advancing global health through novel solutions. With a focus on research and development, the company is committed to addressing the health challenges that may emerge in the future.

For further details, please contact:
Mr Sarang Pathak
+91 99606 16481
sarang@techinvention.biz 


Topic: Press release summary

Hong Kong – Tax measures proposed in 2024-25 Budget

Tax measures proposed in 2024-25 Budget

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     In his Budget delivered today (February 28), the Financial Secretary proposed the following tax measures.

     The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2023/24 by 100 per cent, subject to a ceiling of $3,000 per case. This measure will cost the Government $5.5 billion, benefitting 2.06 million taxpayers liable to salaries tax and tax under personal assessment and 160 000 businesses.

     The tax reduction will reduce the amount of tax payable by taxpayers for the year of assessment 2023/24. Taxpayers should file their profits tax returns and tax returns for individuals for the year of assessment 2023/24 as usual. Upon enactment of the relevant legislation, the Inland Revenue Department will effect the reduction in the final assessment.

     The proposed tax reduction will only be applicable to the final tax for the year of assessment 2023/24, but not to the provisional tax of the same year. Therefore, taxpayers are still required to pay the provisional tax on time as stipulated in the demand notes that have been issued to them. The provisional tax paid will, in accordance with the Inland Revenue Ordinance, be applied in payment of the final tax for the year of assessment 2023/24 and provisional tax for the year of assessment 2024/25. The excess balance, if any, will be refunded.

     The proposed tax reduction is not applicable to property tax. Nevertheless, individuals with rental income, if eligible for personal assessment, may be able to enjoy such a reduction under personal assessment.

     A taxpayer who is separately chargeable to salaries tax and profits tax can enjoy a tax reduction under each of the tax types. For a taxpayer having business profits or rental income and electing for personal assessment, the reduction will be based on the tax payable under personal assessment. It might be different from the amount of tax reduction he or she would get if he or she was not assessed under personal assessment. The exact amount will need to be evaluated case by case. Individuals having business profits or rental income may elect for personal assessment in their tax returns for the year of assessment 2023/24.

     In addition, the Financial Secretary proposed to implement a two-tiered standard rates regime for salaries tax and tax under personal assessment starting from the year of assessment 2024/25. In calculating the amount of tax for taxpayers whose net income (before deduction of allowances) exceeds $5 million and whose salaries tax or tax under personal assessment is to be charged at a standard rate, the first $5 million of their net income will continue to be subject to the standard rate of 15 per cent while the portion of their net income exceeding $5 million will be subject to the standard rate of 16 per cent. After enactment of the relevant legislation, the Inland Revenue Department will apply the two-tiered standard rates in calculating the provisional salaries tax for the year of assessment 2024/25. 

     On profits tax, the Financial Secretary proposed to provide tax deduction for expenses incurred in reinstating the condition of the leased premises to their original condition and to remove the time limit for claiming industrial and commercial building allowances commencing from the year of assessment 2024/25.

     On other duties and charges, the Financial Secretary proposed to increase business registration fees by $200 to $2,200 per annum with effect from April 1, 2024. To relieve the relevant impact, it is proposed to waive the business registration levy of $150 for two years. Besides, the Financial Secretary proposed to resume the collection of the hotel accommodation tax at a rate of 3 per cent with effect from January 1, 2025. 

     The Financial Secretary also proposed to waive stamp duties payable on the transfer of real estate investment trust units and the jobbing business of option market-makers.

     The above measures will be implemented upon completion of the relevant legislative procedures.

     In respect of stamp duty on property transactions, the Financial Secretary proposed to cancel all demand-side management measures for residential properties with immediate effect, that is, no Special Stamp Duty (SSD), Buyer’s Stamp Duty (BSD) or Ad Valorem Stamp Duty (AVD) at 7.5 per cent under Part 1 of Scale 1 needs to be paid for any residential property transactions starting from today. The Government will introduce the Stamp Duty (Amendment) Bill 2024 (the Bill) into the Legislative Council to take forward the initiative. To enable property purchasers to benefit from the measures as soon as possible, the Chief Executive has also made the Public Revenue Protection (Stamp Duty) Order 2024 under the Public Revenue Protection Ordinance (Cap. 120) to give full force and effect of law to the Bill before its enactment. Subject to the eventual enactment of the Bill, any instrument executed on or after February 28, 2024 for the sale and purchase or transfer of residential properties are no longer subject to SSD and BSD. The AVD rate of 7.5 per cent under Part 1 of Scale 1 is to be amended to the same as those of AVD at Scale 2.

     Details of the above proposed tax measures and examples of tax calculations are available on the website of the Inland Revenue Department (www.ird.gov.hk) for the public’s reference. They can also be obtained through the fax hotline 2598 6001.

Hong Kong – Hospital Authority welcomes 2024-25 Budget

Hospital Authority welcomes 2024-25 Budget

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The following is issued on behalf of the Hospital Authority:

     The Hospital Authority (HA) Chairman, Mr Henry Fan, welcomed the 2024-25 Budget announced by the Financial Secretary, Mr Paul Chan, at the Legislative Council today (February 28). The 2024-25 annual subvention for the HA will be $95.4 billion (including $93.5 billion recurrent), having increased by 2 per cent compared to the 2023-24 revised provision.

     Mr Fan was particularly grateful for the Hong Kong Special Administrative Region (HKSAR) Government’s increased subvention to the HA to enhance public healthcare services despite facing pressure on public finances. “With the immense support from our country and the HKSAR Government, the HA continues to strengthen its services, and provides suitable treatment and care to patients. Last year, the HA has launched a number of new services and programmes. For example, the Ambulatory Diagnostic Radiology Service Pilot Programme and other healthcare services at the Central Government Aided Emergency Hospital, which shortened the waiting time of patients significantly. Also, the HA also rolled out the Greater Bay Area Healthcare Talents Visiting Programmes and the Global Healthcare Talent Scheme, which attracted healthcare talents to serve in Hong Kong. The HA will continue to provide healthcare services that suit citizens’ convenience and needs.”

     The HA will step up its efforts in promoting the sustainable development of public healthcare, including introducing smart hospitals initiatives in different clusters, enhancing tele-health and drug delivery services in specialist out-patient clinics (SOPCs), and improving patients’ experience and operational flow with advanced technology. At the same time, the HA will enhance SOPCs service, including nurse and pharmacist led clinic service, thereby providing more treatment choices to patients.

     Mr Fan also thanked the Government for supporting the HA in coping with manpower attrition. The HA will continue to adopt multi-pronged measures to attract local healthcare talents and those from different places to join and serve in public hospitals. Besides, the HA will actively develop and retain talents through various measures. The HA had already established the HA Academy last year, in order to provide systematic training to its staff, striving to enhance multidisciplinary care, support the need of service expansion, and fostering staff’s professional development.

     The HA Chief Executive, Dr Tony Ko, also expressed his gratitude to the HKSAR Government for the support on service enhancement of public hospitals. “The HA will continue to actively press ahead with different hospital redevelopment and expansion projects, and various minor works projects in hospitals, so as to enhance the service capacity of public hospitals in tandem with the continuous growth in service demand for public healthcare services.”

     “Besides, public hospitals will open around 150 additional hospital beds in the next financial year, provide additional operating theatre sessions, Computer Tomography Scans and endoscopy sessions, and increase general out-patient clinic attendances. The HA is also grateful that the Government promotes the development of Chinese Medicine (CM), including by increasing the quota of government-subsidised CM out-patient services and extending integrated Chinese-Western medicine services.”

     In life-threatening diseases management, the HA will continue to strengthen its support to cancer patients, including enhancing chemotherapy and radiation therapy services. Cardiovascular diseases and neuroscience services will be also strengthened in order to provide multidisciplinary professional support. Meanwhile, resources will be reserved for the development of robotic-arm assisted systems for joint replacement surgery and angiography. Also, support to psychiatric patients will be strengthened by reinforcing the psychiatric in-patients service and recruiting more case managers to take care of the patients in the community.

     The HA will continue to develop personalised treatment service for patients in need, including the provision of faecal microbiota transplantation service for suitable patients with clostridium difficile infection. The HA will also enhance the genetic services, and continue to support the establishment of the Uncommon Disorders Registry, in order to better support the concerned patients.

     ​Mr Fan and Dr Ko once again thanked the HKSAR Government’s support to public healthcare services. The HA will utilise the subvention appropriately and strive to implement relevant policies and measures for the benefit of patients.

Hong Kong – Director of Hong Kong and Macao Work Office of CPC Central Committee and Hong Kong and Macao Affairs Office of State Council Mr Xia Baolong concludes seven-day inspection visit to Hong Kong (with photo/video)

Director of Hong Kong and Macao Work Office of CPC Central Committee and Hong Kong and Macao Affairs Office of State Council Mr Xia Baolong concludes seven-day inspection visit to Hong Kong (with photo/video)

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     The Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Xia Baolong, continued his inspection visit to Hong Kong for the last day today (February 28).
 
     Accompanied by the Chief Executive, Mr John Lee; the Commissioner of Customs and Excise, Ms Louise Ho; the Acting Director of Immigration, Mr Tai Chi-yuen; and the Under Secretary for Security, Mr Michael Cheuk, Mr Xia visited the Shenzhen Bay Control Point to inspect the operation and traveller clearance services at the control point, and learn about the situation during the Lunar New Year holidays when round-the-clock passenger clearance services were provided. Mr Xia was briefed by Ms Ho and Mr Tai on the immigration and customs clearance arrangements for travellers at the Passenger Terminal Building. Mr Xia also learned about the measures taken by relevant departments during peak hours, festive periods or holidays to divert passenger flows, in order to ensure a smooth operation at the control point so that travellers can cross the border in an orderly and safe manner.
 
     After inspecting the operation of the control point, Mr Xia departed from Hong Kong, concluding his seven-day inspection visit.

Hong Kong – Hong Kong Customs publicises Dealers in Precious Metals and Stones Regulatory Regime at jewellery exhibition (with photo)

Hong Kong Customs publicises Dealers in Precious Metals and Stones Regulatory Regime at jewellery exhibition (with photo)

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     Hong Kong Customs will set up a booth at the Hong Kong International Jewellery Show, to be held at the Hong Kong Convention and Exhibition Centre (HKCEC), from tomorrow (February 29) for five consecutive days, to publicise the Dealers in Precious Metals and Stones Regulatory Regime, and will provide on-site counter services to assist non-Hong Kong dealers in submitting a cash transaction report during their participation in the exhibition.

     According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the Regime has come into effect since April 1, 2023. Any person who is seeking to carry out a business of dealing in precious metals and stones and engage in any transaction(s) (whether making or receiving a payment) with a total value at or above HK$120,000 in Hong Kong is required to register with Hong Kong Customs and fulfil his/her anti-money laundering and counter-terrorist financing statutory obligations as appropriate.
 
     In particular, with the expiry of the transitional period, all dealers who submit their applications for registration from January 1, 2024, onwards must successfully obtain relevant registration before they can carry out any cash or non-cash transaction(s) with a total value at or above HK$120,000.

     For non-Hong Kong dealers fulfilling the prescribed conditions (including those who come to Hong Kong to participate in exhibitions), although they are exempt from registration, they are required to submit to Hong Kong Customs a cash transaction report for any cash transaction(s) (whether making or receiving a payment) with a total value at or above HK$120,000 carried out in Hong Kong within one day after the transaction, or before the dealer or the person acting on behalf of the dealer leaves Hong Kong, whichever is earlier.

     Non-Hong Kong dealers can make an online submission of a cash transaction report via the Regime’s webpage at www.drs.customs.gov.hk by accessing the Dealers in Precious Metals and Stones Registration System. They can also download the related form at www.drs.customs.gov.hk/download/drsform/CED418_Form%208_Cash%20transaction%20report.pdf and then submit the report in person at Hong Kong Customs’ booth in the exhibition.  

     Hong Kong Customs’ booth (Booth 1C-C18) is located at HKCEC Hall 1C and will be open from 10.30am to 6.30pm on February 29, from 10am to 6.30pm between March 1 and 3, and from 10am to 5.30pm on March 4.

     Dealers can visit the website (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html) for more information about the Regime.