Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 2/3/2012

Hong Kong - Tax provisions contained in Budget 2012-2013 

February 3:   Hong Kong’s Financial Secretary on 1 February 2012 delivered his fifth Budget Speech to the Legislative Council.

“One-off relief” measures included in the Budget 2012-13 are a one-off reduction of salaries tax of 75%, with a ceiling of HKD 12,000; a waiver of rates capped at HKD 2,500 per quarter for each rateable property; and a subsidy for each residential electricity account of HKD 1,800.


For businesses, the Financial Secretary proposed a one-off reduction of profits tax of 75%, with a ceiling of HKD 12,000; a waiver of business registration fees; the halving of charges for import and export declarations; and the repeal of capital duty levied on local companies.


To read a February 2012 report outlining the proposed Budget changes, prepared by the KPMG member firm in Hong Kong: Hong Kong Budget Summary 2012-2013


More information about the Budget 2012-2013 and prior budgets is available on the KPMG in Hong Kong website: KPMG Budget summaries




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