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【2019/20 Budget】The 2019/20 Budget Summary

【Economic Prospects for 2019 and Medium-term Outlook】

Economic Growth:

  • Forecasts Hong Kong GDP to rise 2 to 3 per cent in real terms in 2019.

Inflation:

  • Forecasts 2019 CPI at 2.5 per cent.

The medium-term outlook from 2020 to 2023:

  • Forecasts average growth of 3 per cent per annum.
  • Slightly above the growth trend of 2.8 per cent over the past decade.

 

【Innovation and Technology】

Innovation and technology infrastructure:

  • Sets aside $5.5 billion for the development of Cyberport phase 5 to accommodate more technology companies and start-ups.

Tax deduction:

  • Provides a two-tiered enhanced tax deduction for eligible R&D expenditure of enterprises incurred after 1 April 2018.

Scientific exploration and academic research in universities:

  • Sets aside $16 billion for universities to enhance or refurbish campus facilities, in particular, those for R&D.

Science education:

  • Deploys $500 million to implement the IT Innovation Lab in Secondary Schools Programme in the coming three school years,  and
  • each secondary school will be granted $1 million each.

Promoting re-industrialisation:

  • Launches the $2 billion Re-industrialisation Funding Scheme in 2019 to facilitate more manufacturers to set up operations in Hong Kong.

 

【Financial Services Industry】

Financial technologies:

  • To issue virtual banking licences shortly. Banks will then implement the Open Application Programming Interface functions in phases.

Faster Payment System (FPS):

  • Promotes the use of Faster Payment System for payment of government taxes, rates and water charges.

Green Finance:

  • Issues the first batch of government green bonds to promote the development of green finance.

Fund:

  • Provides tax exemption for different types of onshore and offshore funds that meet certain conditions from 1 April this year.

Stock and bond market:

  • Provides a $400 million seed capital for the Financial Reporting Council, enabling the waives of levy in the first two years under the new regulatory regime.

Insurance:

  • Provides tax concessions for marine insurance and underwriting of speciality risks, and facilitate them to issue insurance-linked securities

 

【Citizen's Burden Support】

Salaries tax and tax under personal assessment:

  • Reduces salaries tax and tax under personal assessment for 2018-19 by 75% subject to a ceiling of $20,000, benefiting 1.91 million taxpayers.

Profit tax:

  • Reduces profits tax for 2018-19 by 75%, subject to a ceiling of $20,000, benefiting 145 thousand taxpayers.

Rates:

  • Waives rates for 4 quarters of 2019-20, subject to a ceiling of $1,500 per quarter for each rateable property, benefiting 3.29 million properties.

Social allowance and subsidy:

  • Provides an extra one month allowance to recipients of CSSA, Old Age Allowance, Old Age Living Allowance or Disability Allowance
  • Applies similar arrangements to Working Family Allowance and Work Incentive Transport Subsidy, involving an additional expenditure of about $149 million.

Students welfare: 

  • Provides a one-off grant of $2,500 to each student in need, involving an expenditure of about $890 million
  • Pays the examination fees for school candidates sitting for the 2020 Hong Kong DSE Examination, involving an expenditure of about $160 million

《The Young Financial Post 新報人財經》

新報人財經(TYFP)為香港浸會大學新聞系財經專業的實驗平台,由學生自主編採,為社會大眾提供中港相關的金融財經消息。

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