Keeping it simple and effective: The IRD's balancing act
Interview with Benjamin Chan, Commissioner of Inland Revenue

The International Monetary Fund’s (IMF) reduced global growth forecast for this year. It also cut its 2026 forecast to 3 percent, citing the impact of U.S. tariffs and rising trade tensions. This is lower than its projection in January, by 0.5 percentage point for 2025 and 0.3 percentage point for 2026, with downward revisions for nearly all countries, according to the IMF’s latest World Economic Outlook. The IMF called the report a “reference forecast” based on measures announced as of 4 April.

The number of auditors worldwide who will benefit from the deployment of artificial intelligence (AI) agents into KPMG U.S.’s smart audit platform Clara, the firm announced in April. The AI agents will automate tasks such as data analysis and document review, enhancing audit quality and efficiency. A new Financial Report Analyzer AI engine provides AI-generated output to enable auditors in completing required disclosure checklists. KPMG plans to deploy more AI agents within the next year.

Hong Kong clinched the title of the world’s second most crypto-friendly city, surpassing Singapore and Abu Dhabi, according to a report by migration platform Multipolitan. The city ranked behind Ljubljana, capital of Slovenia, in the report’s Crypto Friendly Cities Index 2025, which evaluates cities based on regulation, tax regimes, digital infrastructure and wealth. Since 2022, Hong Kong has rolled out new compliance requirements for crypto companies and licensed 10 trading platforms.