Hong Kong Budget 2023-2024

Hong Kong Budget (Released on February 2023, applicable to 2023/24)

For Hong Kong company

1. Reduce profits tax by 100%, capped at HK$6,000 per case
2. The application period of 100% loan Guarantee program will be extended to Mar 2024
3. Plan to apply the global minimum effective tax rate (i.e. 15%) on large MNE groups and implement the domestic minimum top-up tax starting from 2025 onwards
4. Set up HK$500 million for “Digital Transformation Support Pilot Programme”, to assist SMEs applying ready-to-use digital solution for business transformation.

For Hong Kong resident

1. Reduce salary/ personal tax by 100%, capped at HK$6,000
2. Increase child allowance from HK$120,000 to HK$130,000 per child
3. Review the stamp duty rates, to reduce the cost burden of first-time buyers of residential properties, particularly the buyers of small and medium residential units.
4. Increase the duty on cigarettes by 60% per stick

Others

1. Promote “Digital Economy” and develop “AI Supercomputing Centre”, “iAM Smart“
2. Promote GreenTech and GreenFi Centre
3. Promote the development of lift and health technology