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Hong Kong Budget 2021/2022

The Financial Secretary of Hong Kong, Paul Chan Mo-po, delivered his fifth budget on February 24 2021. He outlined a plan aiming to cushion the impact of the economic recession and lead the way to a post-pandemic recovery.
26th February, 2021

Hong Kong Budget 2021-22

Facts at a glance:

• Extend the application period of 100% guarantee low-interest loan for enterprises to the end of this year, raise loan ceiling to HK$6 million, extend repayment period and duration of principal moratorium
• Reduce profits tax for 2020-21 assessment year by 100%, subject to a HK$10,000 ceiling
• Provide rates concession for non-domestic properties in 2021-22, subject to a ceiling of HK$5,000 per quarter in first two quarters and HK$2,000 per quarter in remaining two quarters
• Waive business registration fees for 2021-22
• Set Up a Special 100% Loan Guarantee for Individuals Scheme for the unemployed of up to HK$80,000
• Reduce salaries tax and tax under personal assessment for 2020-21 assessment year by 100%, subject to a HK$10,000 ceiling
• Raise the rate of Stamp Duty on Stock Transfers from the current 0.1% to 0.13% of the consideration or value or each transaction payable by buyers and sellers
• Issue Electronic Consumption Vouchers to individuals with a total value of HK$5,000
• Provide electronic submission means for most government forms and licence applications by mid-2022
• Offer one-stop support services to family offices interested in establishing a presence in Hong Kong and review the relevant tax arrangements
• Continue with the development of the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop
• With the expansion of the existing express air cargo terminal, the commissioning of a new premium logistics centre and the Three Runway System, annual cargo handling capacity of Hong Kong International Airport (HKIA) is expected to increase to some 9 million tonnes in 2024.

ILS World has been helping international families and businesses for 15 years. For further information please contact, managing director Lilian Cheung at lilian.cheung@ils-world.com

Managing director Hong Kong

Lilian Cheung
Lilian Cheung
Managing Director Hong Kong