Hong Kong Budget 2022

8 January 22

KEY MEASURES

  • Total additional funding of 67.5 Billion HKD for anti-epidemic needs
  • Issuance of consumption vouchers of 10,000 HKD to each Hong Kong permanent resident aged 18 or above
  • Total funding of 13.2 Billion HKD to create time-limited jobs in public and private sectors to ease unemployment.

PROFITS TAX

  • The two-tiered profits tax rates for companies (8.25%/16.5%) and unincorporated businesses (7.5%/15%) remain unchanged.
  • Propose an 8.25% tax concession for maritime enterprise establishing in Hong Kong.
  • Propose tax concessions for eligible family investment management entities by a single-family offices
  • Continue discussions regarding the implementation of BEPS 2.0 to ensure Hong Kong’s tax regime is aligned with international consensus.

SALARIES TAX

  • The standard tax rate remains unchanged
  • The progressive rate remains unchanged
  • Propose a tax deduction of HK$100,000 for eligible domestic rental expenses from 2022/23 for tax taxpayers liable to salaries tax or tax charged under personal assessment who do not own any domestic property.

PROPOSED ONE-OFF MEASURES

  • Reducing salaries tax by 10,000 HKD for the year of assessment 2021/22
  • Reducing profits tax by 10,000 HKD for the year of assessment 2021/22
  • Waive the business registration fees for 2022/23
  • Grant each eligible residential electricity account a subsidy of HK$1,000.

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