Hong kong budget 2020 2021

Kenneth Chau & Co.
Kenneth Chau & Co.Kenneth Chau & Co.

Kenneth Chau & Co. The Financial Secretary of the Hong Kong Special Administrative Region Government, Mr Paul Chan released the 2020-21 Budget on 26 February 2020. Kenneth Chau & Co. prepared this summary to highlight the key measures.

HONG KONG BUDGET 2020/2021 www.kennethchaucpa.com
Hong Kong Budget 2020/2021
Key measures
The Financial Secretary of the Hong Kong Special
Administrative Region Government, Mr Paul Chan
released the 2020-21 Budget on 26 February 2020.
Looking back in 2019, GDP growth was -1.2% while the
GP growth forecast for 2020 is -1.5 to 0.5%. The focus of
this year Budget is on supporting enterprises, safeguarding
jobs, stimulating the economy and relieving people's
burden. Key initiatives to develop and diversify the
economy include:
Support Enterprises
• $10,000 cash payout to Hong Kong permanent
residents aged 18 or above
• Introduce a concessionary low-interest loan with
100% guarantee for enterprises, which will be open for
application for six months. Maximum loan of $2 million
with repayment period up to three years. Moratorium on
principle repayment for first six months
• Reduce profits tax for 2019-20 assessment year by
100% subject to a $20,000 ceiling
HONG KONG BUDGET 2020/2021 www.kennethchaucpa.com
• Waive business registration fees for 2020-21
• Waive registration fees for company annual returns
for two years
Financial Services
• Launch a $1 billion pilot scheme for fixed-rate
mortgages to help reduce risks of interest rate volatility for
homebuyers
• Issue inflation-linked retail bonds and Silver Bonds
totalling not less than $13 billion
• Issue green bonds totalling $66 billion in next 5
years
Innovation and Technology
• Earmark $3 billion to take forward Phase 2 of the
Science Park Expansion Programme
• Explore the establishment of a third InnoHK
research cluster
• Increase the grant ceiling under the Technology
Voucher Programme to $600,000 and raise the
Government’s funding ratio to 75%
• Inject $345 million for a pilot subsidy scheme to
encourage the logistics industry to enhance productivity
through the application of technology
Tourism
• Additional funding of over $700 million for the
Hong Kong Tourism Board to step up external promotion
after the epidemic
HONG KONG BUDGET 2020/2021 www.kennethchaucpa.com
Trade
• Additional funding of $150 million for the Hong
Kong Trade Development Council to assist Hong Kong
enterprises in exploring business opportunities
Professional Services
• Earmark about $450 million to implement the
“Vision 2030 for Rule of Law” project to strengthen the
Hong Kong community’s understanding of the concept of
the rule of law and its implementation
Cultural and Creative Industries
• Additional $900 million to the Art Development
Matching Grants Scheme to further promote sponsorship
of culture and arts from all sectors
Nurture Talents
• Expand the Researcher Programme and
Postdoctoral Hub to cover all technology companies
conducting R&D activities in Hong Kong
For the sources of above and for more details of the
Budget and tax related measures, please visit:
https://www.budget.gov.hk/2020
https://www.ird.gov.hk
https://www.investhk.gov.hk
HONG KONG BUDGET 2020/2021 www.kennethchaucpa.com
About Kenneth Chau & Co.
Kenneth Chau & Co, based in Hong Kong since 1960, have built
reputation and professional expertise through a team of Certified
Public Accountants and Certified Tax Advisers. Our professional
team combines many years of expertise in the areas of Audit,
Taxation, and Corporate Secretarial & Advisory services.
Kenneth Chau & Co. is a member firm of MGI Worldwide.
Contact us: info@kennethchaucpa.com
About MGI Worldwide
MGI Worldwide is a leading international network of audit, tax,
accounting and consulting firms with more than 5,000
professionals in over 260 locations.
HONG KONG BUDGET 2020/2021 www.kennethchaucpa.com

Recommended

Hong Kong budget 2021-2022 Key Measures Summary prepared by Kenneth Chau & Co. by
Hong Kong budget 2021-2022 Key Measures Summary prepared by Kenneth Chau & Co. Hong Kong budget 2021-2022 Key Measures Summary prepared by Kenneth Chau & Co.
Hong Kong budget 2021-2022 Key Measures Summary prepared by Kenneth Chau & Co. Kenneth Chau & Co.
146 views5 slides
2022-2023 Hong Kong budget by
2022-2023 Hong Kong budget2022-2023 Hong Kong budget
2022-2023 Hong Kong budgetKenneth Chau & Co.
51 views4 slides
140307 2014 South Africa budget and you by
140307 2014 South Africa budget and you140307 2014 South Africa budget and you
140307 2014 South Africa budget and youDaberistic Financial Services
401 views20 slides
Quarterly Economic Commentary, Autumn 2021: Exports and multinationals contri... by
Quarterly Economic Commentary, Autumn 2021: Exports and multinationals contri...Quarterly Economic Commentary, Autumn 2021: Exports and multinationals contri...
Quarterly Economic Commentary, Autumn 2021: Exports and multinationals contri...Economic and Social Research Institute
110 views25 slides
FY 21 Budget Adoption by
FY 21 Budget AdoptionFY 21 Budget Adoption
FY 21 Budget AdoptionCity of College Station
679 views4 slides
Budget 2022: A Macroeconomic Perspective by
 Budget 2022: A Macroeconomic Perspective Budget 2022: A Macroeconomic Perspective
Budget 2022: A Macroeconomic PerspectiveEconomic and Social Research Institute
2.7K views16 slides

More Related Content

What's hot

Union budget 2012 13 india presentation by
Union budget 2012 13 india presentation Union budget 2012 13 india presentation
Union budget 2012 13 india presentation Shiv At Infosys
2.1K views16 slides
2022 budget speech final 220223_131218 (1) by
2022 budget speech final 220223_131218 (1)2022 budget speech final 220223_131218 (1)
2022 budget speech final 220223_131218 (1)Preggie Moodley
752 views21 slides
2017 19 budget book final by
 2017 19 budget book final 2017 19 budget book final
2017 19 budget book finalE'ville Eye
116 views253 slides
Analysis of union budget 2014 15 by
Analysis of union budget 2014 15Analysis of union budget 2014 15
Analysis of union budget 2014 15Shilpa Tirlapur
2.4K views42 slides
Measures of national income by
Measures of national incomeMeasures of national income
Measures of national incomeIsaacBarasa5
76 views5 slides
Rental Registration Fee Consideration by
Rental Registration Fee ConsiderationRental Registration Fee Consideration
Rental Registration Fee ConsiderationCity of College Station
263 views6 slides

What's hot(20)

Union budget 2012 13 india presentation by Shiv At Infosys
Union budget 2012 13 india presentation Union budget 2012 13 india presentation
Union budget 2012 13 india presentation
Shiv At Infosys2.1K views
2022 budget speech final 220223_131218 (1) by Preggie Moodley
2022 budget speech final 220223_131218 (1)2022 budget speech final 220223_131218 (1)
2022 budget speech final 220223_131218 (1)
Preggie Moodley752 views
2017 19 budget book final by E'ville Eye
 2017 19 budget book final 2017 19 budget book final
2017 19 budget book final
E'ville Eye116 views
Analysis of union budget 2014 15 by Shilpa Tirlapur
Analysis of union budget 2014 15Analysis of union budget 2014 15
Analysis of union budget 2014 15
Shilpa Tirlapur2.4K views
Measures of national income by IsaacBarasa5
Measures of national incomeMeasures of national income
Measures of national income
IsaacBarasa576 views
Recent budgeting Developments - Julian Kelly, United Kingdom by OECD Governance
Recent budgeting Developments - Julian Kelly, United KingdomRecent budgeting Developments - Julian Kelly, United Kingdom
Recent budgeting Developments - Julian Kelly, United Kingdom
OECD Governance292 views
Session Two B: Recent Developments In Intergovernmental Relations, Korea, Mee... by OECDtax
Session Two B: Recent Developments In Intergovernmental Relations, Korea, Mee...Session Two B: Recent Developments In Intergovernmental Relations, Korea, Mee...
Session Two B: Recent Developments In Intergovernmental Relations, Korea, Mee...
OECDtax51 views
Item # 13 - 4th Quarter Finance Report by ahcitycouncil
Item # 13 - 4th Quarter Finance ReportItem # 13 - 4th Quarter Finance Report
Item # 13 - 4th Quarter Finance Report
ahcitycouncil30 views
Returning to Economic Growth, May 2010 by Seamus Finn
Returning to Economic Growth, May 2010Returning to Economic Growth, May 2010
Returning to Economic Growth, May 2010
Seamus Finn223 views
John FitzGerald (formally ESRI) presentation at Post Budget Seminar -18 Octob... by NevinInstitute
John FitzGerald (formally ESRI) presentation at Post Budget Seminar -18 Octob...John FitzGerald (formally ESRI) presentation at Post Budget Seminar -18 Octob...
John FitzGerald (formally ESRI) presentation at Post Budget Seminar -18 Octob...
NevinInstitute197 views
Short analysis of National Budget of Bangladesh FY14-15 by Masud Kamrul
Short analysis of National Budget of Bangladesh FY14-15Short analysis of National Budget of Bangladesh FY14-15
Short analysis of National Budget of Bangladesh FY14-15
Masud Kamrul1.2K views
Budget Presentaton March 26 by jgabateman
Budget Presentaton March 26Budget Presentaton March 26
Budget Presentaton March 26
jgabateman288 views
Analysis of union budget 2012 by Harsh Tiwari
Analysis of union budget 2012Analysis of union budget 2012
Analysis of union budget 2012
Harsh Tiwari107 views

Similar to Hong kong budget 2020 2021

Innovations Get a Boost in Hong Kong budget by
Innovations Get a Boost in Hong Kong budgetInnovations Get a Boost in Hong Kong budget
Innovations Get a Boost in Hong Kong budgetTeam Finland Future Watch
327 views11 slides
Economic Capsule - November 2020 by
Economic Capsule - November 2020Economic Capsule - November 2020
Economic Capsule - November 2020Commercial Bank of Ceylon PLC
667 views33 slides
Economic Capsule - November 2017 by
Economic Capsule - November 2017Economic Capsule - November 2017
Economic Capsule - November 2017Commercial Bank of Ceylon PLC
917 views25 slides
Economic Capsule November 2011 by
Economic Capsule November  2011Economic Capsule November  2011
Economic Capsule November 2011Commercial Bank of Ceylon PLC
468 views35 slides
Budget in Brief FY2016 by
Budget in Brief FY2016Budget in Brief FY2016
Budget in Brief FY2016Ministry of Finance (Singapore)
129 views10 slides
Hong Kong Anti-epidemic Fund by
Hong Kong Anti-epidemic Fund Hong Kong Anti-epidemic Fund
Hong Kong Anti-epidemic Fund Kenneth Chau & Co.
251 views7 slides

Similar to Hong kong budget 2020 2021(20)

Business Predictions for The Autumn Budget 2021 by The IMCs Ltd
Business Predictions for The Autumn Budget 2021Business Predictions for The Autumn Budget 2021
Business Predictions for The Autumn Budget 2021
The IMCs Ltd43 views
EY 2020 Budget Review for Guyana South America by Steven Jasmin
EY 2020 Budget Review for Guyana South AmericaEY 2020 Budget Review for Guyana South America
EY 2020 Budget Review for Guyana South America
Steven Jasmin53 views
Ignite your lep funding by Alan Scrase
Ignite your lep fundingIgnite your lep funding
Ignite your lep funding
Alan Scrase427 views
Sri Lanka Final Outcome Presentation 2017 November by Rajitha Perera
Sri Lanka Final Outcome Presentation 2017 NovemberSri Lanka Final Outcome Presentation 2017 November
Sri Lanka Final Outcome Presentation 2017 November
Rajitha Perera575 views
BC Venture Capital Programs by deeturnbull
BC Venture Capital ProgramsBC Venture Capital Programs
BC Venture Capital Programs
deeturnbull411 views
BC Venture Capital Programs by deeturnbull
BC Venture Capital ProgramsBC Venture Capital Programs
BC Venture Capital Programs
deeturnbull366 views
Singapore Budget 2017 Newsletter by Crowe Singapore
Singapore Budget 2017 NewsletterSingapore Budget 2017 Newsletter
Singapore Budget 2017 Newsletter
Crowe Singapore115 views
Bdo Asean Investment Tax News_issue2_2014 by BDO Tax
Bdo Asean Investment Tax News_issue2_2014Bdo Asean Investment Tax News_issue2_2014
Bdo Asean Investment Tax News_issue2_2014
BDO Tax594 views
COVID-19: Support for Victorian Businesses Explained by Tom Willis
COVID-19: Support for Victorian Businesses ExplainedCOVID-19: Support for Victorian Businesses Explained
COVID-19: Support for Victorian Businesses Explained
Tom Willis148 views

More from Kenneth Chau & Co.

Hong Kong Tax Express 202206.pdf by
Hong Kong Tax Express 202206.pdfHong Kong Tax Express 202206.pdf
Hong Kong Tax Express 202206.pdfKenneth Chau & Co.
7 views1 slide
AMLO Compliance by
AMLO ComplianceAMLO Compliance
AMLO ComplianceKenneth Chau & Co.
230 views2 slides
Hong Kong Tax Express 202005 by
Hong Kong Tax Express 202005Hong Kong Tax Express 202005
Hong Kong Tax Express 202005Kenneth Chau & Co.
142 views1 slide
Hong Kong Tax Facts Sheet 2020-2021 by
Hong Kong Tax Facts Sheet 2020-2021Hong Kong Tax Facts Sheet 2020-2021
Hong Kong Tax Facts Sheet 2020-2021Kenneth Chau & Co.
140 views1 slide
Firm brochure 2019 by
Firm brochure 2019Firm brochure 2019
Firm brochure 2019Kenneth Chau & Co.
52 views5 slides
Kenneth Chau &Co. 40th Years membership with MGI Worldwide by
Kenneth Chau &Co. 40th Years membership with MGI Worldwide Kenneth Chau &Co. 40th Years membership with MGI Worldwide
Kenneth Chau &Co. 40th Years membership with MGI Worldwide Kenneth Chau & Co.
36 views12 slides

More from Kenneth Chau & Co.(6)

Recently uploaded

On the Concept of Discovery Power of Enterprise Modeling Languages and its Re... by
On the Concept of Discovery Power of Enterprise Modeling Languages and its Re...On the Concept of Discovery Power of Enterprise Modeling Languages and its Re...
On the Concept of Discovery Power of Enterprise Modeling Languages and its Re...Ilia Bider
16 views17 slides
Digital Strategic Business Planning Methodology by
Digital Strategic Business Planning MethodologyDigital Strategic Business Planning Methodology
Digital Strategic Business Planning MethodologyOperational Excellence Consulting (Singapore)
11 views23 slides
DEUTSER-03188 Salt Lake Nov 30 Talk with speaker notes[13].pptx by
DEUTSER-03188 Salt Lake Nov 30 Talk with speaker notes[13].pptxDEUTSER-03188 Salt Lake Nov 30 Talk with speaker notes[13].pptx
DEUTSER-03188 Salt Lake Nov 30 Talk with speaker notes[13].pptxbradgallagher6
30 views24 slides
Engaging Senior Leaders to Accelerate Your Continuous Improvement Program by
Engaging Senior Leaders to Accelerate Your Continuous Improvement ProgramEngaging Senior Leaders to Accelerate Your Continuous Improvement Program
Engaging Senior Leaders to Accelerate Your Continuous Improvement ProgramKaiNexus
93 views29 slides
VCOSA - VIETNAM COTTON - YARN MARKET REPORT - 11/2023 ISSUE by
VCOSA - VIETNAM COTTON - YARN MARKET REPORT - 11/2023 ISSUEVCOSA - VIETNAM COTTON - YARN MARKET REPORT - 11/2023 ISSUE
VCOSA - VIETNAM COTTON - YARN MARKET REPORT - 11/2023 ISSUEVietnam Cotton & Spinning Association
37 views26 slides
v s.pptx by
v s.pptxv s.pptx
v s.pptxravikhadalwal
14 views2 slides

Recently uploaded(20)

On the Concept of Discovery Power of Enterprise Modeling Languages and its Re... by Ilia Bider
On the Concept of Discovery Power of Enterprise Modeling Languages and its Re...On the Concept of Discovery Power of Enterprise Modeling Languages and its Re...
On the Concept of Discovery Power of Enterprise Modeling Languages and its Re...
Ilia Bider16 views
DEUTSER-03188 Salt Lake Nov 30 Talk with speaker notes[13].pptx by bradgallagher6
DEUTSER-03188 Salt Lake Nov 30 Talk with speaker notes[13].pptxDEUTSER-03188 Salt Lake Nov 30 Talk with speaker notes[13].pptx
DEUTSER-03188 Salt Lake Nov 30 Talk with speaker notes[13].pptx
bradgallagher630 views
Engaging Senior Leaders to Accelerate Your Continuous Improvement Program by KaiNexus
Engaging Senior Leaders to Accelerate Your Continuous Improvement ProgramEngaging Senior Leaders to Accelerate Your Continuous Improvement Program
Engaging Senior Leaders to Accelerate Your Continuous Improvement Program
KaiNexus93 views
Integrating Talent Management Practices by Seta Wicaksana
Integrating Talent Management PracticesIntegrating Talent Management Practices
Integrating Talent Management Practices
Seta Wicaksana161 views
2024-cio-agenda-ebook.pdf by Alex446314
2024-cio-agenda-ebook.pdf2024-cio-agenda-ebook.pdf
2024-cio-agenda-ebook.pdf
Alex44631413 views
Navigating the Complexity of Derivatives Valuation 📈 by ValAdvisor
Navigating the Complexity of Derivatives Valuation 📈Navigating the Complexity of Derivatives Valuation 📈
Navigating the Complexity of Derivatives Valuation 📈
ValAdvisor17 views
Orme_231129 - Around the world in 5 questions.pdf by bradgallagher6
Orme_231129 - Around the world in 5 questions.pdfOrme_231129 - Around the world in 5 questions.pdf
Orme_231129 - Around the world in 5 questions.pdf
bradgallagher619 views
3Q23_EN.pdf by irhcs
3Q23_EN.pdf3Q23_EN.pdf
3Q23_EN.pdf
irhcs17 views
NewBase 02 December 2023 Energy News issue - 1678 by Khaled Al Awadi.pdf by Khaled Al Awadi
NewBase  02 December 2023  Energy News issue - 1678 by Khaled Al Awadi.pdfNewBase  02 December 2023  Energy News issue - 1678 by Khaled Al Awadi.pdf
NewBase 02 December 2023 Energy News issue - 1678 by Khaled Al Awadi.pdf
Khaled Al Awadi10 views
Hoole_Summit 2023 - Opening Remarks.pptx by bradgallagher6
Hoole_Summit 2023 - Opening Remarks.pptxHoole_Summit 2023 - Opening Remarks.pptx
Hoole_Summit 2023 - Opening Remarks.pptx
bradgallagher611 views
Navigating EUDR Compliance within the Coffee Industry by Peter Horsten
Navigating EUDR Compliance within the Coffee IndustryNavigating EUDR Compliance within the Coffee Industry
Navigating EUDR Compliance within the Coffee Industry
Peter Horsten68 views

Hong kong budget 2020 2021

  • 1. HONG KONG BUDGET 2020/2021 www.kennethchaucpa.com
  • 2. Hong Kong Budget 2020/2021 Key measures The Financial Secretary of the Hong Kong Special Administrative Region Government, Mr Paul Chan released the 2020-21 Budget on 26 February 2020. Looking back in 2019, GDP growth was -1.2% while the GP growth forecast for 2020 is -1.5 to 0.5%. The focus of this year Budget is on supporting enterprises, safeguarding jobs, stimulating the economy and relieving people's burden. Key initiatives to develop and diversify the economy include: Support Enterprises • $10,000 cash payout to Hong Kong permanent residents aged 18 or above • Introduce a concessionary low-interest loan with 100% guarantee for enterprises, which will be open for application for six months. Maximum loan of $2 million with repayment period up to three years. Moratorium on principle repayment for first six months • Reduce profits tax for 2019-20 assessment year by 100% subject to a $20,000 ceiling HONG KONG BUDGET 2020/2021 www.kennethchaucpa.com
  • 3. • Waive business registration fees for 2020-21 • Waive registration fees for company annual returns for two years Financial Services • Launch a $1 billion pilot scheme for fixed-rate mortgages to help reduce risks of interest rate volatility for homebuyers • Issue inflation-linked retail bonds and Silver Bonds totalling not less than $13 billion • Issue green bonds totalling $66 billion in next 5 years Innovation and Technology • Earmark $3 billion to take forward Phase 2 of the Science Park Expansion Programme • Explore the establishment of a third InnoHK research cluster • Increase the grant ceiling under the Technology Voucher Programme to $600,000 and raise the Government’s funding ratio to 75% • Inject $345 million for a pilot subsidy scheme to encourage the logistics industry to enhance productivity through the application of technology Tourism • Additional funding of over $700 million for the Hong Kong Tourism Board to step up external promotion after the epidemic HONG KONG BUDGET 2020/2021 www.kennethchaucpa.com
  • 4. Trade • Additional funding of $150 million for the Hong Kong Trade Development Council to assist Hong Kong enterprises in exploring business opportunities Professional Services • Earmark about $450 million to implement the “Vision 2030 for Rule of Law” project to strengthen the Hong Kong community’s understanding of the concept of the rule of law and its implementation Cultural and Creative Industries • Additional $900 million to the Art Development Matching Grants Scheme to further promote sponsorship of culture and arts from all sectors Nurture Talents • Expand the Researcher Programme and Postdoctoral Hub to cover all technology companies conducting R&D activities in Hong Kong For the sources of above and for more details of the Budget and tax related measures, please visit: https://www.budget.gov.hk/2020 https://www.ird.gov.hk https://www.investhk.gov.hk HONG KONG BUDGET 2020/2021 www.kennethchaucpa.com
  • 5. About Kenneth Chau & Co. Kenneth Chau & Co, based in Hong Kong since 1960, have built reputation and professional expertise through a team of Certified Public Accountants and Certified Tax Advisers. Our professional team combines many years of expertise in the areas of Audit, Taxation, and Corporate Secretarial & Advisory services. Kenneth Chau & Co. is a member firm of MGI Worldwide. Contact us: info@kennethchaucpa.com About MGI Worldwide MGI Worldwide is a leading international network of audit, tax, accounting and consulting firms with more than 5,000 professionals in over 260 locations. HONG KONG BUDGET 2020/2021 www.kennethchaucpa.com