|
Hello everyone, I am Alex. 2019-2020 Hong Kong Budget has been released since my last post. Here are those tax relevant spotlights that I’ve addressed for all of you.
- Reduce profits tax for Year of Assessment 2018-19 by 75% subject to a ceiling of $20,000 Hong Kong Dollars.
- Reduce salaries tax and tax under personal assessment for Year of Assessment 2018-19 by 75%, subject to a ceiling of $20,000 Hong Kong Dollars.
- Waive rates for 4 quarters of 2019-20, subject to a ceiling of $1,500 per quarter for each rateable property.
- Waive the business registration fees for 2019-20 in a total of $2,000 Hong Kong Dollars.
For other non-tax relevant spotlight include Technology Voucher Programme etc. Details can be found on the link at the bottom.
All listed policies at the above are expecting to be implemented starting from first of April. Benefit both company’s holder and employees. Low resistance from the legislative council is expected.
I am fairly satisfied with this budget. As the fiscal surplus has decreased this year, feasibility of money give out is not possible. Nevertheless, reduce of profits tax raised back subject to a ceiling of $30,000 Hong Kong Dollars will be better.
Furthermore, the two sessions of National People’s Congress (NPC) has started recently. In the spotlight of Guangdong-Hong Kong-Macau Greater Bay Area and increase of business activity, reliable legal protections are essential. Especially while facing a relatively high and complex Mainland China tax charging. I will try my best to update latest valuable information to all of you.
Have a good day!
Alex
https://www.budget.gov.hk/2019/eng/nt.html |
