ASIAN REGULATORY ROUND UP – HONG KONG GOVERNMENT RELEASES TAX BREAKS TO BOOST ECONOMY DURING ONGOING TURMOIL
September 1st, 2019
HONG Kong’s government has released tax measures to support an economy buffeted by political protests, the US-China trade war and headwinds from a potential hard Brexit. Its financial secretary announced that 27 groups of government fees and charges would be waived for 12 months to benefit sectors including maritime, logistics, retail, catering, tourism, construction, agriculture and fisheries businesses. A 75% reduction of salaries tax for the 2018/19 assessment year will be increased to 100% while retaining a ceiling of Hong Kong dollars HKD20,000 (USD2,540). ...
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