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The 2019-2020 budegt

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Diversified Economy

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?Relieve People's Burden

  • Reduce salaries tax and tax under personal assessment for Year of Assessment 2018-19 by 75% subject to a ceiling of $20,000
  • Reduce profits tax for Year of Assessment 2018-19 by 75%, subject to a ceiling of $20,000
  • Waive rates for 4 quarters of 2019-20, subject to a ceiling of $1,500 per quarter for each rateable property
  • Provide an extra 1month allowance to recipients of CSSA, Old Age Allowance, Old Age Living Allowance or Disability Allowance; similar arrangements will apply to Working Family Allowance and Work Incentive Transport Subsidy
  • Provide a one-off additional $1,000 worth of Elderly Health Care Vouchers, and increase the accumulation limit of vouchers to $8,000
  • Provide a one-off grant of $2,500 to each student in need
  • Pay the examination fees for school candidates sitting for the 2020 Hong Kong DSE Examination

Support enterprises

  • Waive the business registration fees for 2019-20
  • Regularise the Technology Voucher Programme and double the funding ceiling for enterprises to $400,000
  • 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
  • Expand the networks of Free Trade Agreement, Investment Promotion and Protection Agreement, and Comprehensive Avoidance of Double Taxation Agreement
  • Expand the Economic and Trade Office network to strengthen external promotion and assist Hong Kong enterprises in exploring new business opportunities

?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?

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