The Financial Secretary Mr. Paul Chan Mo-po delivered his 2019/20 Budget speech on 27 February 2019. The budget proposals will need approval by the Legislative Council before taking effect.
 
Concessionary Measures

• One-off reduction of profits tax for the year of assessment 2018/19 by 75%, subject to a ceiling of HK$20,000

• One-off reduction of salaries tax and tax under personal assessment for the year of assessment 2018/19 by 75%, subject to a ceiling of HK$20,000

• Waive business registration fees for 2019/20

• Waive government rates for 2019/20, subject to a ceiling of HK$1,500 per quarter for each rateable property.

 
Other tax related proposals

• Consider establishing a limited partnership regime and introducing tax arrangement to attract private equity funds to set up and operate in Hong Kong.
   
• Consider introducing tax and related measures to attract ship finance companies to develop ship leasing business in Hong Kong, 50% profits tax concession will be offered to marine insurance businesses.

• Given that many multinational corporations co-locate their corporate treasury centres (CTCs) with their regional headquarters, tax concessions have been offering to qualifying CTCs since 2016. The Government will continue to enhance the relevant tax measures to strengthen Hong Kong’s competitiveness.

• Target to bring total number of Comprehensive Avoidance of Double Taxation Agreements from currently 40 to 50 tax jurisdictions in the next few years to enhance business environment and attract investment into Hong Kong.