SYNOPSIS OF HONG KONG 2016/17 BUDGET
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1 PKF Tax and Business Consultants Limited 大信梁學濂稅務及商務咨詢有限公司 Tax & Business Consultants SYNOPSIS OF HONG KONG 2016/17 BUDGET 24 February 2016 A. ECONOMIC REVIEW AND OUTLOOKS Economic forecast indicator GDP growth is between 1% to 2%. Headline inflation is 2.3% and underlying inflation is 2%. Recurrent expenditure has kept increasing, increasing with 6.7%. Source : The Budget ( B. Major PROPOSED MEASURES Tax Concessions and One-off Measures Reduce profits tax, salaries tax and tax under personal assessment for 2015/16 by 75%, subject to a ceiling of HK$20,000. Increase the basic allowance and single parent allowance from HK$120,000 to HK$132,000. Increase the married person s allowance from HK$240,000 to HK$264,000. Increase the allowance for maintaining a dependent parent or grandparent aged 60 or above from HK$40,000 to HK$46,000. The same increase applies to the additional allowance for taxpayers residing with these parents or grandparents continuously throughout the year. Increase the allowance for maintaining a dependent parent or grandparent aged between 55 and 59 from HK$20,000 to HK$23,000. The same increase applies to the additional allowance for taxpayers residing with these parents or grandparents continuously throughout the year. Raise the deduction ceiling for elderly residential care expenses from HK$80,000 to HK$92,000. Waive rates for the four quarters, subject to a ceiling of HK$1,000 per quarter, for each rateable property. Waive business registration fee for 2016/17. Tel: (852) Fax: (852) info@pkf-hk.com Website:
2 Provide an extra one month of the standard rate of the allowance payments to the recipients of Comprehensive Social Security Assistance, Old Age Allowance, Old Age Living Allowance and Disability Allowance. Issue Silver Bond this year and next year, targeting at Hong Kong residents aged 65 or above, with a maturity of three years for the first issuance. Support to Small and Medium Enterprises Extend the application period for the special concessionary measures under the Small and Medium Enterprises ( SME ) Financing Guarantee Scheme to 28 February Reduce the annual guarantee fee rate for the measures by 10%, and remove the minimum guarantee fee for the measures. Launch a Pilot Technology Voucher Programme under the Innovation and Technology Fund ( ITF ) to subsidise their use of technological services and solutions. Support enterprises on a matching basis, with a maximum subsidy of HK$200,000 for each eligible SME. Support to Tourism Industry Waive the licence fees for 1,800 travel agents for 1 year. Waive the license fees for 2,000 hotels and guesthouses for 1 year. Waive the license fees for restaurants and hawkers and fees for restricted food permits for 1 year. Allocate HK$240 million to step up publicity and promote the tourism activities in the coming year. Upgrade the tourism infrastructure, including the new themed area and new hotels of Hong Kong Disneyland and Ocean Park. Embark on a pilot scheme on food trucks this year, increasing the number of designated spaces for the food trucks to 16. Support to Financial Services Industry Explore the possibility to increase the investment quota under the RMB Qualified Foreign Institutional Investors (RQFII) Scheme. Launch the Shenzhen-Hong Kong Stock Connect and enhance the Shanghai-Hong Kong Stock Connect. Under specified conditions, allow interest deductions under profits tax for intra-group financing business of corporations and reduce profits tax of qualifying corporate treasury centres by 50%. Strengthen to publicise the competitive capital market of Hong Kong and highlight the edge in developing green financial products. Issue ibond worth up to HK$10 billion with a maturity period of 3 years. Support to Start-ups Set up a HK$2 billion Innovation and Technology Venture Fund to co-invest with private venture capital funds on a matching basis in local technology start-ups. The Science Park will expand in stages to provide additional floor area of 70,000 square metres for start-ups and other technology companies by 2020, with the project estimate amounting to HK$4.4 billion to be borne jointly by the Government and The Hong Kong Science and Technology Parks Corporation ( HKSTPC ). The Cyperport will earmark HK$200 million to invest in its start-ups. HKSTPC will keep supporting start-ups through its Corporate Venture Fund and incubation programmes. Tel: (852) Fax: (852) info@pkf-hk.com Website:
3 Support to Cultural and Creative Industries Inject an additional HK$400 million into the CreateSmart Initiative to support different sectors of the creative industries. Fashion and Design Launch the third phase of Design Incubation Programme and increase the overall admission quota to 90 design start-ups. Film Industry Inject an additional HK$20 million into the Film Development Fund to subsidise the expenses incurred by locally-produced Cantonese films for distribution and publicity conducted in the Mainland, increasing funding from HK$250,000 to HK$500,000 per film. Arts and Culture The HK$300 million Art Development Matching Grants Pilot Scheme funded in last year s budget, will be launched this year. The scheme will help provide matching grants for more established arts groups and organisations in order to widen their funding sources and promote a culture of donation. Belt and Road Initiative Request to establish an office to facilitate the financing of infrastructure projects and provide a platform to offer comprehensive financial services for various infrastructure projects. Actively discuss with the Asian Infrastructure Investment Bank ( AIIB ) and the Central Government on Hong Kong s participation in AIIB as a non-sovereign territory, seek to leverage Hong Kong expertise to service AIIB in capital markets financing, asset management and dispute resolution. Issue the third sukuk in a timely manner. Tel: (852) Fax: (852) info@pkf-hk.com Website:
4 C. MAJOR TAX RATES FOR THE YEARS 2015/16 AND 2016/17 1. Salaries Tax Personal tax allowances and deductions: Basic allowances : 2016/ /16 HK$ HK$ Single person s allowance 132, ,000 Married person s allowance 264, ,000 Additional allowances : Child - Basic 100, ,000 - Additional (in the year of birth) 100, ,000 Dependent parent / grandparent: a. Aged 55 to 59 - Basic 23,000 20,000 - Additional 1 23,000 20,000 b. Aged 60 or above - Basic 46,000 40,000 - Additional 1 46,000 40,000 Dependent brother / sister 2 33,000 33,000 Single parent 132, ,000 Disabled dependent 66,000 66,000 Additional deductions : Self-education expenses 3 80,000 80,000 Home loan interest 4 100, ,000 Elderly residential care expenses 92,000 80,000 Contributions to retirement schemes 18,000 18,000 Approved charitable donations 5 35% 35% Notes: 1. For dependent living with taxpayer. 2. For whom no child allowance is being claimed. 3. The maximum amount that can be claimed as deductible expense for training courses attended at approved institutions. 4. The entitlement period for tax deduction is 15 years. 5. The maximum deduction allowable is restricted to 35% of the taxpayer s assessable income after deduction of allowable expenses and depreciation allowance. Tel: (852) Fax: (852) info@pkf-hk.com Website:
5 Standard salaries tax rates: 2015/16 and 2016/17 Standard tax rates 15% Progressive salaries tax rates: Net Chargeable Income 2015/16 and 2016/17 First HK$40,000 2% Next HK$40,000 7% Next HK$40,000 12% Remainder 17% 2. Profits Tax Business Category 2015/16 and 2016/17 Unincorporated Business 15% Corporation 16.5% 3. Property Tax Taxpayer 2015/16 and 2016/17 Property Owner 15% 4. Stamp Duty Shares transactions: Nature of Document 2015/16 and 2016/17 Contract Note for sale or purchase of any Hong Kong stock Transfer operating as a voluntary disposition inter vivos Transfer of any other kind 0.1% of the amount of the consideration of its value on every sold note and every bought note HK$ % of the value of the stock HK$5 * Effective from 13 February 2015, stamp duty is waived for the transfer of shares or units of all exchange traded funds ( ETFs ) Tel: (852) Fax: (852) info@pkf-hk.com Website:
6 Property transactions: Sales Consideration 2015/16 and 2016/17 Up to HK$2,000, % HK$2,000,001 to HK$2,176,470 HK$30, % of excess over HK$2M HK$2,176,471 to HK$3,000, % HK$3,000,001 to HK$3,290,330 HK$90, % of excess over HK$3M HK$3,290,331 to HK$4,000, % HK$4,000,001 to HK$4,428,580 HK$180, % of excess over HK$4M HK$4,428,581 to HK$6,000, % HK$6,000,001 to HK$6,720,000 HK$360, % of excess over HK$6M HK$6,720,001 to HK$20,000, % HK$20,000,001 to HK$21,739,130 HK$1,500, % of excess over HK$20M Exceeding HK$21,739, % With effect from 20 November 2010, any residential property acquired on or after 20 November 2010, either by an individual or a company (regardless of where it is incorporated), and resold within 24 months (the property was acquired on or after 20 November 2010 and before 27 October 2012) or 36 months (the property was acquired on or after 27 October 2012), will be subject to a Special Stamp Duty ( SSD ). SSD is calculated by reference to the stated consideration or the market value of the property (whichever is the higher), at the following rates for different holding periods of the property by the seller or transferor before disposal - Holding period The property was acquired on or after 20 November 2010 and before 27 October 2012 The property was acquired on or after 27 October months or less 15% 20% More than 6 months but for 12 10% 15% months or less More than 12 months but for 24 5% 10% months or less More than 24 months but for 36 months or less - 10% With effect from 27 October 2012, unless specifically exempted, Buyer's Stamp Duty ( BSD ) is payable on an agreement for sale or a conveyance on sale executed for the acquisition of any residential property. BSD is charged at 15% on the stated consideration or the market value of the property (whichever is the higher). The Stamp Duty (Amendment) (No. 2) Ordinance 2014 ( Amendment Ordinance ) was gazetted on 25 July The Amendment Ordinance provides that the ad valorem stamp duty ( AVD ) payable on certain instruments dealing with immovable properties executed on or after 23 February 2013 ( the Effective Date ) shall be computed at higher rates (Scale 1). It also advances the timing for charging AVD on non-residential property transactions from the conveyance on sale to the agreement for sale executed on or after the Effective Date. Under the Amendment Ordinance, any residential property and non-residential property acquired on or after the Effective Date, either by an individual or a company, will be subject to AVD at Scale 1, except that acquired by a Hong Kong Permanent Resident acting on his/her own behalf and does not own any other residential property in Hong Kong at the time of acquisition. Tel: (852) Fax: (852) info@pkf-hk.com Website:
7 Leases: Leasing period 2015/16 and 2016/17 Not defined or is uncertain 0.25% Specified in the lease as not exceeding 1 year 0.25% Exceeding 1 year but not exceeding 3 years 0.50% Exceeding 3 years 1.00% D. FURTHER INFORMATION The above information is mainly extracted from the website of the The Hong Kong Budget. Please visit or contact our PKF Tax and Business Consultants Limited for further details. Information included in this publication are for general reference only. They are not intended to be used, and cannot be used, for avoiding tax and penalty that may be imposed by any tax authorities. Before conducting business and tax plan, professional advice is always recommended. We are a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. Tel: (852) Fax: (852) info@pkf-hk.com Website:
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