8th March 2021
Mr. Paul Chan, Financial Secretary for the Hong Kong Special Administrative Region (HKSAR), delivered the HK 2021/2022 budget on Wednesday, 24 February 2021, outlining the government’s plan for the economy and proposals for taxation developments.
The budget forecasts the highest fiscal deficit in Hong Kong's history of HKD257.6 billion for the financial year (FY) 2020-21, against the backdrop of successive shocks including the COVID-19 pandemic and local social incidents.
The budget also contains measures touching on a broad range of sectors, including financial services, tourism, innovation and technology, and the digital economy.
"It is hoped that the budget will help buffer the impact of economic recession on society and people’s livelihoods, and pave the way for the post-pandemic economic recovery," said Ken Yeung, partner at Kenneth Chau & Co, MGI Worldwide member in Hong Kong.
The firm has prepared a summary of the budget and what the Hong Kong 2021/22 Budget means for your clients' business.
For further details or assistance contact Ken Young at firstname.lastname@example.org
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