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Due to the challenges brought by the world economy and the global trading market, the Hong Kong government is worried that it may adversely affect its attractiveness to foreign investment. In order to retain investors’ confidence, develop talents as well as stimulate the economy, measures have been put forward by the government in the newly released Budget. In this issue of our Newsletter, we would like to focus on how these proposed measures might benefit foreign investors – especially SMEs.
• Business registration fees will be waived: This can reduce the operating cost of 1.4 million business operators including SMEs.
• A technology Voucher Programme will be regularized to encourage enterprises to adopt technology and the funding ceiling will be doubled from HK$200,000 to HK$400,000: This can encourage the wider adoption of technology by local enterprises to improve their efficiency and services.
• An HK$1 billion fund for branding, upgrading and domestic sales will be injected for business operators: The fund will benefit all economies that have entered into a free trade agreement with Hong Kong and the funding ceiling per enterprise will increase from HK$2 million to HK$3 million.
• Profits tax and salaries tax relief (a rebate of 75% respectively for 2018-19 tax payable, capped at HK$20,000): It can ease the burden of profits tax and salary taxpayers.
• The Government will extend to June 30, 2020 the application period of the special concessionary measures under the SME Financing Guarantee Scheme. The measures include cutting the guarantee fee rates by 50%, raising the maximum loan amount to $15 million, and extending the maximum loan guarantee period to seven years.
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