Assisting Small and Medium Enterprises
- Starting from April 1st, the business registration fee will increase by HK$200 to HK$2,200 per year. The HK$150 levy collected by the Protection of Wages on Insolvency Fund will be exempted for two years.
- SME Financing Guarantee Scheme: extend application period for 80% and 90% Guarantee Products till end March 2026
- BUD Fund: inject $500 million with launch of “E-commerce Easy”. Provide up to $1 million per enterprise for implementing e-commerce projects in the Mainland
Supporting People and Enterprises
- Rates concession for domestic properties for the first quarter of 2024/25, subject to a $1,000 ceiling
- Rates concession for non-domestic properties for the first quarter of 2024/25, subject to a $1,000 ceiling
- Reduce salaries tax and tax under personal assessment for the assessment year 2023/24 by 100%, subject to a $3,000 ceiling
- Reduce profits tax for the assessment year 2023/24 by 100%, subject to a $3,000 ceiling
Attracting Enterprises, Capital and Talent
- Strategic enterprises: more than 40 strategic enterprises have set up or expanded their businesses in Hong Kong, or will do so. Total investment of over $40 billion, creating 13 000 jobs
- Review arrangements of Top Talent Pass Scheme in mid-2024 and host a Global Talent Summit
Property Market
- Cancel Special Stamp Duty, Buyers’ Stamp Duty and New Residential Stamp Duty for residential properties with immediate effect
- Further relax countercyclical macroprudential measures for property mortgage loans and adjust other supervisory policies for property lending
More info: https://www.budget.gov.hk/2024/eng/