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Hong Kong

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Hong Kong Budget 2019-20 Delivered

On 27 February 2019, Hong Kong Financial Secretary Paul MP Chan delivered the 2019-20 Budget. Some of the main measures of the budget include:

  • A reduction in the profits tax for the year of assessment 2018-19 by 75%, subject to a ceiling of HKD 20,000 (also applies for salaries tax and tax under personal assessment);
  • A waiver of business registration fees for one year (from 1 April 2019 to 31 March 2020);
  • A waiver of rates for four quarters of 2019/20, subject to a ceiling of HKD 1,500 per quarter for each rateable property; and
  • The introduction of a 50% profits tax concession to eligible insurance businesses including for marine insurance in order to promote the development of the industry.

The budget speech also mentions that a dedicated task force will be established by the Hong Kong Maritime and Port Board to study tax and other measures to attract ship finance companies and develop Hong Kong as a ship leasing center in the Asia-Pacific region. Further, the government will study the introduction of a more competitive tax arrangement to attract private equity funds to set up and operate in Hong Kong. Lastly, the budget speech notes that Hong Kong is looking to expand its tax treaty network, which is to be expanded to 50 treaties in the next few years.

For more information, click the following links for the Hong Kong 2019-20 Budget webpage and an overview of certain Budget measures published by the Inland Revenue Department.

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