Support for SMEs

• Waive the business registration fees for 2019-20
• Reduce profits tax for Year of Assessment 2018-19 by 75％, subject to a ceiling of $20,000
• Inject $1 billion into the Dedicated Fund on Branding, Upgrading and Domestic Sales, extend its geographical scope and increase the funding ceiling for enterprises
• Extend the application period of the special concessionary measures under the SME Financing Guarantee Scheme to end June 2020

Financial Services Industry

• Issue the first batch of government green bonds to promote the development of green finance
• Consider establishing a limited partnership regime and introducing tax arrangement to attract private equity funds to set up and operate in Hong Kong
• Promote mutual recognition of funds with other jurisdictions to broaden the distribution network of local fund products
• Provide tax concessions for marine insurance and underwriting of specialty risks, and facilitate them to issue insurance-linked securities
• Promote the use of Faster Payment System for payment of government fees and charges
• Issue virtual bank licences
• Establish the Academy of Finance in mid-2019 to promote financial leadership development
• Provide a $400 million seed capital for the Financial Reporting Council and enable it to waive levy in the first two years under the new regulatory regime

Tourism

• Allocate $353 million for the continued implementation of the Development Blueprint for Hong Kong’s Tourism Industry

Innovation and Technology

• Set aside $5.5 billion for the development of Cyberport 5 to accommodate more technology companies and start-ups
• Set aside $16 billion for universities to enhance or refurbish campus facilities, in particular those for R&D
• Inject $20 billion into the Research Endowment Fund of the Research Grants Council under the University Grants Committee to provide research funding
• Establish two innovative clusters in the Science Park focusing on “A.I. and robotic technologies”and “healthcare technologies”, pooling top-notch universities and institutions to collaborate and undertake R&D activities
• Launch the $2 billion Re-industrialisation Funding Scheme in 2019
• Expand the Corporate Venture Fund of the Science Park to $200 million
• Allocate $800 million to support R&D work and the realisation of R&D results by universities, key laboratories and engineering research centres
• Double the annual funding ceiling for each university under the Technology Start-up Support Scheme for Universities to $8 million
• Increase the monthly allowance for researchers under the Researcher Programme to attract local graduates to join the I&T sector
• Extend the funding period under the Researcher Programme and the Postdoctoral Hub Programme

Creative Industries

• Inject $1 billion into the Film Development Fund
• Commence the works for the Sham Shui Po Design and Fashion Project

Professional Services

• Allocate $150 million to support the development of an online international dispute resolution platform by NGOs

Construction Industry

• Promote the digitisation of works supervision system to enhance the standard of and efficiency in public works monitoring
• Implement Construction 2.0 to improve productivity, quality, safety and environmental impact
• Upgrade the Project Cost Management Office under the Development Bureau to strengthen cost management of public works projects
• Earmark $40 million for the first three years of operation of the Centre of Excellence for Major Project Leaders to enhance public officers’ capability in delivering public works projects

International Transportation Centre

• Consider introducing tax and related measures to attract ship finance companies to develop ship leasing businesses in Hong Kong
• Provide a 50% profits tax concession to marine insurance businesses

Source from/ More details: https://www.budget.gov.hk/2019/eng/ec.html