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Hong Kong Chief Executive's 2017 Policy Address' Focus on Tax Breaks

Hong Kong’s Chief Executive, Carrie Lam Cheng Yuet-ngor, delivered her maiden Policy Address yesterday, addressing a range of issues felt across the region. A leading area within the Address was the proposals surrounding the two tax measures included in her Election Manifesto, with focus on:

Preserving low tax rates, with reductions to be implemented in 2018

Executing a two-tier profits tax system where the profits tax rate for the first HK$2 million of profits of enterprises will be lowered to 8.25%, whilst the standard tax rate of 16.5% will remain for profits above that amount

Encouraging enterprises to invest in R&D through the introduction of a 300% tax deduction on the first HK$2million eligible R&D expenditure, with the remainder subject to 200%

Dependent on the passing of the legislation at the Legislative Council, it is anticipated that these proposals will be implemented within 2018.

To find out more about how these Tax Breaks may affect your business, please contact our professional accountants.

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