Small and Medium Enterprises

• Waive business registration fees for 2013-14
• Reduce profits tax for 2012-13 by 75 per cent, subject to a ceiling of $10,000
• Extend the application period for the special concessionary measures under the Small and Medium Enterprises (SME) Financing Guarantee Scheme for 1 year
• Increase the cumulative amount of the grant under the SME Export Marketing Fund from $150,000 to $200,000
• Introduce a small business policy scheme to be run by the Hong Kong Export Credit Insurance Corporation

Tax concessions

• Increase the basic and additional child allowances from the current $63,000 to $70,000 for each child
• Reduce salaries tax and tax under personal assessment for 2012-13 by 75 per cent, subject to a ceiling of $10,000
• Waive rates for the whole year, subject to a ceiling of $1,500 per quarter
• Raise the deduction ceiling for self-education expenses to $80,000
• Reduce profits tax on the offshore insurance business of captive insurance companies to attract more enterprises to form captive insurance companies in Hong Kong
• With effect from 1 May 2013, the statutory minimum wage rate will be revised to $30 per hour.