Hong Kong government announces its 2020/2021 budget amidst global uncertainty
Financial Secretary Paul Chan Mo-po announced the 2020/21 Hong Kong Budget on 26 February.
The budget addresses a whole range of issues facing Hong Kong from the social unrest to global trade tensions and the more recent Covid 19 outbreak.
This first budget deficit in 15 years offered cash handouts, tax breaks and a raft of subsidies aimed at easing the financial burden on citizens and injecting new life into the economy.
In his address Mr. Paul Chan said the focus will be on “supporting enterprises, safeguarding jobs, stimulating the economy and relieving people’s burden.”
Ken Yeung partner of the firm said these measures were welcomed by the people of Hong Kong. The tax rebates and concessions offered will go a long way in supporting the SME sector.
Looking back in 2019, GDP growth was -1.2% while the GP growth forecast for 2020 is -1.5 to 0.5%. The focus of this year's budget is on supporting enterprises, safeguarding jobs, stimulating the economy and relieving people's burden.
For detailed information about the key initiatives to develop and diversify the economy see the full Hong Kong Budget 2020/2021 and Key Measures report here.
Kenneth Chau & Co. has also published a Hong Kong Tax Facts Sheet 2020-2021 which you can read or download here.
About Kenneth Chau & Co.
Kenneth Chau & Co., based in Hong Kong since 1960, has built reputation and professional expertise through a team of Certified Public Accountants and Certified Tax Advisers.
Its professional team combines many years of expertise in the areas of Audit, Taxation, and Corporate Secretarial & Advisory services.
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