Hong Kong budget 2021-2022 Key Measures Summary prepared by Kenneth Chau & Co.

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

It is a summary of Hong Kong budget 2021-2022 Key Measures prepared by Kenneth Chau & Co. a member firm of MGI Worldwide in Hong Kong. The Financial Secretary of the Hong Kong Special Administrative Region Government, Mr Paul Chan released this 2021-22 Budget on 24 February 2021.

HONG KONG BUDGET 2021/2022 www.kennethchaucpa.com
Hong Kong Budget
2021/2022


Key measures
Summary
Hong Kong Budget 2021/2022


Key measures summary


The Financial Secretary of the Hong Kong Special Administrative Region
Government, Mr Paul Chan released the 2021-22 Budget on 24 February
2021. A de
fi
cit of $257.6 billion for 2020/21 is expected and
fi
scal reserves
to reach $902.7 billion by 31 March 2021. Kenneth Chau & Co.
summarized the major measures in the Budget as below:


Support Enterprises


• Extend the application period of 100% guarantee low-interest loan for
enterprises to the end of this year, raise loan ceiling to $6 million, extend
repayment period and duration of principal moratorium


• Reduce pro
fi
ts tax for 2020-21 assessment year by 100%, subject to a
$10,000 ceiling


• Provide rates concession for non-domestic properties in 2021-22, subject to
a ceiling of $5,000 per quarter in
fi
rst two quarters and $2,000 per quarter
in remaining two quarters


• Waive business registration fees for 2021-22


• Continue to waive 75% of water and sewage charges of non-domestic
households for 8 months, subject to a monthly ceiling of $20,000 and
$12,500 respectively


• Continue to grant 75% rental/fee concession for eligible Government
properties/short-term tenancies and waivers for 6 months (100%
concession for those closed at the Government’s request)


HONG KONG BUDGET 2021/2022 www.kennethchaucpa.com
Relieve People’s Hardship


• Set Up a Special 100% Loan Guarantee for Individuals


• Reduce salaries tax and tax under personal assessment for 2020-21
assessment year by 100%, subject to a $10,000 ceiling


• Provide rates concession for domestic properties in 2021-22, subject to a
ceiling of $1,500 per quarter in
fi
rst two quarters and $1,000 per quarter
in remaining two quarters


Revive the Economy


• Electronic Consumption Vouchers


• Issue $5,000 electronic consumption vouchers in instalments to each
eligible Hong Kong permanent resident and new arrival aged 18 or above
to facilitate and stimulate local consumption


Support Tourism


• Earmark $169 million to continue to take forward local cultural, heritage
and creative tourism projects


• Earmark $765 million to support Hong Kong Tourism Board (HKTB) in
reviving the tourism industry


Financial Services


• Review tax arrangements relevant to family of
fi
ce business


Relieve Traf
fi
c Congestion


• Increase the rate of each tax band for the
fi
rst registration tax for private cars
(including electric private cars) by 15% and the vehicle licence fee by 30%


HONG KONG BUDGET 2021/2022 www.kennethchaucpa.com
Public Finance


In view of the estimated de
fi
cit of $101.6 billion in 2021-22
fi
nancial year,
equivalent to 3.6% of GDP, mainly due to counter-cyclical
fi
scal measures and
continued increase in recurrent expenditure. The public
fi
nance information can
be found from the below diagram (source from Hong Kong Budget website):


Hence, the Budget is included paragraphs about increasing of revenue:


Increase Revenue


• Raise the rate of Stamp Duty on Stock Transfers, from the current 0.1% to
0.13% of the consideration or value of each transaction payable by buyers
and sellers respectively


• Not the appropriate time to revise rates of pro
fi
ts tax and salaries tax.
Government to continue reviewing and make adjustments at a suitable
time


• Not the appropriate time to introduce new taxes. Government will carry
out related research and make preparation for discussion and consensus-
building at a suitable time


HONG KONG BUDGET 2021/2022 www.kennethchaucpa.com
Further details


For the sources of above and for more details of the Budget and tax related
measures, please visit:


https://www.budget.gov.hk/2021


https://www.ird.gov.hk


https://www.investhk.gov.hk


Please contact Kenneth Chau & Co. team for any
questions about Hong Kong Budget 2021/2022.


Contact us: info@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 Certi
fi
ed Public Accountants
and Certi
fi
ed 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
fi
rm of MGI Worldwide.


About MGI Worldwide


MGI Worldwide is a leading international network of audit, tax, accounting
and consulting
fi
rms with more than 5,000 professionals in over 260
locations.
HONG KONG BUDGET 2021/2022 www.kennethchaucpa.com

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Hong Kong budget 2021-2022 Key Measures Summary prepared by Kenneth Chau & Co.

  • 1. HONG KONG BUDGET 2021/2022 www.kennethchaucpa.com Hong Kong Budget 2021/2022 Key measures Summary
  • 2. Hong Kong Budget 2021/2022 Key measures summary The Financial Secretary of the Hong Kong Special Administrative Region Government, Mr Paul Chan released the 2021-22 Budget on 24 February 2021. A de fi cit of $257.6 billion for 2020/21 is expected and fi scal reserves to reach $902.7 billion by 31 March 2021. Kenneth Chau & Co. summarized the major measures in the Budget as below: Support Enterprises • Extend the application period of 100% guarantee low-interest loan for enterprises to the end of this year, raise loan ceiling to $6 million, extend repayment period and duration of principal moratorium • Reduce pro fi ts tax for 2020-21 assessment year by 100%, subject to a $10,000 ceiling • Provide rates concession for non-domestic properties in 2021-22, subject to a ceiling of $5,000 per quarter in fi rst two quarters and $2,000 per quarter in remaining two quarters • Waive business registration fees for 2021-22 • Continue to waive 75% of water and sewage charges of non-domestic households for 8 months, subject to a monthly ceiling of $20,000 and $12,500 respectively • Continue to grant 75% rental/fee concession for eligible Government properties/short-term tenancies and waivers for 6 months (100% concession for those closed at the Government’s request) HONG KONG BUDGET 2021/2022 www.kennethchaucpa.com
  • 3. Relieve People’s Hardship • Set Up a Special 100% Loan Guarantee for Individuals • Reduce salaries tax and tax under personal assessment for 2020-21 assessment year by 100%, subject to a $10,000 ceiling • Provide rates concession for domestic properties in 2021-22, subject to a ceiling of $1,500 per quarter in fi rst two quarters and $1,000 per quarter in remaining two quarters Revive the Economy • Electronic Consumption Vouchers • Issue $5,000 electronic consumption vouchers in instalments to each eligible Hong Kong permanent resident and new arrival aged 18 or above to facilitate and stimulate local consumption Support Tourism • Earmark $169 million to continue to take forward local cultural, heritage and creative tourism projects • Earmark $765 million to support Hong Kong Tourism Board (HKTB) in reviving the tourism industry Financial Services • Review tax arrangements relevant to family of fi ce business Relieve Traf fi c Congestion • Increase the rate of each tax band for the fi rst registration tax for private cars (including electric private cars) by 15% and the vehicle licence fee by 30% HONG KONG BUDGET 2021/2022 www.kennethchaucpa.com
  • 4. Public Finance In view of the estimated de fi cit of $101.6 billion in 2021-22 fi nancial year, equivalent to 3.6% of GDP, mainly due to counter-cyclical fi scal measures and continued increase in recurrent expenditure. The public fi nance information can be found from the below diagram (source from Hong Kong Budget website): Hence, the Budget is included paragraphs about increasing of revenue: Increase Revenue • Raise the rate of Stamp Duty on Stock Transfers, from the current 0.1% to 0.13% of the consideration or value of each transaction payable by buyers and sellers respectively • Not the appropriate time to revise rates of pro fi ts tax and salaries tax. Government to continue reviewing and make adjustments at a suitable time • Not the appropriate time to introduce new taxes. Government will carry out related research and make preparation for discussion and consensus- building at a suitable time 
 HONG KONG BUDGET 2021/2022 www.kennethchaucpa.com
  • 5. Further details For the sources of above and for more details of the Budget and tax related measures, please visit: https://www.budget.gov.hk/2021 https://www.ird.gov.hk https://www.investhk.gov.hk Please contact Kenneth Chau & Co. team for any questions about Hong Kong Budget 2021/2022. Contact us: info@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 Certi fi ed Public Accountants and Certi fi ed 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 fi rm of MGI Worldwide. About MGI Worldwide MGI Worldwide is a leading international network of audit, tax, accounting and consulting fi rms with more than 5,000 professionals in over 260 locations. HONG KONG BUDGET 2021/2022 www.kennethchaucpa.com