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.