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In the 2023-24 Budget, a number of measures are proposed to boost the momentum of the economic revival, ease the pressure on businesses and the general public and provide tax concessions. In addition to the usual measures, some of the new measures are as follows:
- 100% reduction of profits tax for the year of assessment 2022/23, subject to a ceiling of HK$6,000
- Reduction in rates for non-domestic properties for the first two quarters of the Financial Year 2023/24, subject to a ceiling of HK$1,000 per quarter
- 100% reduction of salaries tax and tax under personal assessment for the year of assessment 2022/23, subject to a ceiling of HK$6,000
- Reduction in rates for residential properties for the first two quarters for the Financial Year 2023/24, subject to a ceiling of HK$1,000 per quarter
A new highlight that appeals to us most is:
- The introduction of a new Capital Investment Entrant Scheme (CIES): applicants shall make investment at a certain amount in the local asset market (excluding property investment). Upon approval, they may reside and pursue development in Hong Kong.
Some may still remember the Government suspended this scheme in 2015. Before the suspension, we had already assisted many foreigners and Chinese who had obtained foreign permanent resident status to come to Hong Kong, and we will soon be able to assist our clients to apply for the Capital Investment Entrant Scheme to continue help them develop their business and live in Hong Kong. We will pay close attention to the details of the scheme announced by the Hong Kong Government later.
Another highlight of the Government's Budget is
- injecting HK$500 million into the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) and expediting the processing of applications
At present, the application procedures for the BUD Fund are relatively complicated and time-consuming. We are glad to see that the Government will increase the amount of funds injected and accelerate the approval of applications to support SMEs in expanding their business and development.
If you are interested in the above Capital Investment Entrant Scheme and BUD Fund, you are welcome to inquire with us for more information.
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Wingate will keep up with the latest government announcements and provide you with relevant information.
Wingate’s high-quality service is backed up by our strengths. We sincerely provide a professional one-stop service to assist our valued clients. For more information on our services, please feel free to contact us at Tel: +852 2830 9999。