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.
