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2020/21 Hong Kong Government Budget Highlights
 
Date: 24 Mar 2020

2020/21 Hong Kong Government Budget Highlights



The Financial Secretary Mr. Paul Chan Mo-po delivered the 2020/21 Budget speech on 26 February 2020. The budget proposals will need approval by the Legislative Council before taking effect.

Concessionary Measures 
  • Reduce profits tax for 2019-20 assessment year by 100%, subject to a HK$20,000 ceiling
  • Reduce salaries tax and tax under personal assessment for 2019-20 assessment year by 100%, subject to ceiling of HK$20,000
  • Waive business registration fees for 2020-21
  • Waive registration fees for company annual returns for 2 years
  • Waive rates for non-domestic properties for 2020-21, subject to a ceiling of HK$5,000 per quarter in first two quarters and HK$1,500 per quarter for remaining two quarters
  • Waive rates for 2020-21, subject to a HK$1,500 ceiling per quarterfor each domestic ratebale property
 
Other tax related proposals
  • Disburse HK$10,000 to Hong Kong permanent residents aged 18 or above
  • Electricity charges for non-residential account: subsidise 75% of charges for 4 extra months, subject to a monthly cap of HK$5,000
  • Water and sewage charges of non-domestic households: waive 75% of charges for 4 extra months, subject to a monthly cap of HK$20,000 and HK$12,500 respectively
  • Extra one month allowance of standard CSSA payment, Old Age Allowance, Old Age Living Allowance or Disability Allowance.
  • Pay one month’s rent for lower income tenants living in public rental units
  • Pay examination fees for candidates sitting 2021 HKDSE Examination
  • Concessionary low-interest loan
    Introduce a concessionary low-interest loan with 100% Government guarantee for enterprises, which will be open for application for 6 months. Maximum loan of HK$2 million with repayment period up to 3 years. Moratorium on principal repayment for first 6 months
  • Local recycling enterprises: provide HK$100 million rental subsidy for 6 months
  • Rental for Government properties/ properties covered by short-term and temporary waivers: 50% reduction for 6 months
  • Fees and rent for cruise lines and cruise terminal tenants: reduction for 6 months
  • Earmark HK$3 billion to take forward Phase 2 of the Science Park Expansion Programme. 
  • Enhance the Technology Voucher Programme by increasing the grant ceiling from HK$400,000 to HK$600,000.  The ceiling on the number of approved projects will also rise from four to six.
  • earmarked HK$1 billion for the Smart Traffic Fund to provide funding support for enterprises or organisations to conduct research and application on vehicle-related I&T.