2020-21 HONG KONG BUDGET HIGHLIGHT
The Financial Secretary, the Honourable Paul MP Chan, delivered the 2020-21 budget speech of the Government in the Legislative Council on 26 February 2020. The Financial Secretary Proposed relief measures in various areas.
This appears to be a technical issue arising out of the delay in enacting the Private Funds Law and Mutual Funds (Amendment) Law on 31 January 2020, which came into force on 7 February 2020, to address the EU’s requirements in relation to CIVs.
HIGHLIGHTS
- The Hong Kong GDP growth for 2019 was -1.2% whilst the forecast for 2020 is -1.5% to 0.5%
- Total government revenue and overall expenditure for 2020-21 are estimated to be $572.5 billion and $731.1 billion respectively.
TAX RELIEF MEASURES (For the year of assessment 2019/20 proposed in the 2020-21 budget)
- Reduce profits tax, salaries tax and tax under personal assessment by 100%, capped at $20,000
OTHER RELIEF MEASURES
- Cash payout of $10,000 to Hong Kong permanent residents aged 18 or above
- Waive business registration fees for 2020-21
- Waive registration fees for company annual returns for 2 years
- Waive rates of domestic properties for 4 quarters of 2020-21, capped at $1,500 per quarter
- Waive rates of non-domestic properties for 4 quarters of 2020-21, for the first 2 quarters capped at $5,000 per quarter, for the remaining 2 quarters capped at $1,500 per quarter
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