26th February 2020 – (Hong Kong) The Financial Secretary, Mr Paul Chan, in his 2020-21 Budget today announced a wide range of measures to help … The Hong Kong 2021-22 Budget Summary; Significant Controllers Register ("SCR") in Hong Kong; Hong Kong Two-Tiered Profits Tax Rate Regime; Important Changes to BVI Legislation; Tax Corner . A deficit of $257.6 billion for 2020/21 is expected and fiscal reserves to reach $902.7 billion by 31 March 2021. With a view to easing traffic congestion, the government has increased … We summarize the 2020/21 budget highlights as follows:- Highlights of the Budget In the 2020/21 budget, the following are proposed: Economic Outlook for 2021 and Medium-term Outlook: 14 - 20: Riding out the Storm : Fighting the Virus Together: 21 - 24: Overcoming the Epidemic: 25 - 26: Support Enterprises: 27 - 29: Support Employment: 30 - 32: Relieve People's Hardship: 33 - 37: Reviving the Economy after the Epidemic: 38: Digital Economy: 39 - 45: Issue Consumption Vouchers: 46: Explore Markets: 47: Support Tourism 6.3 % Education. If there is any inconsistency between the PDF and CSV versions about the data concerned, the original PDF version shall prevail. Double Taxation Relief; Automatic Exchange of Information Arrangements ; Common Reporting Standard; General Withholding Tax; Advance Ruling in Hong Kong; … Hong Kong’s fiscal reserve will remain strong at about H KD 994 billion at 31 March 2021. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), and its network of member firms, and their related entities. Skip to main content Skip to main content. Hong Kong’s financial secretary, the Honourable Paul MP Chan, delivered his 2020-2021 Budget speech to the Legislative Council on February 26th, with the Hong Kong government recording its first budget deficit for 15 years. Pinterest. The government forecasts a deficit in the Consolidated Account of the range between HK$7.4 billion to HK$17 billion in the coming year, and fiscal reserves are estimated to be HK$994 billion by end of March 2021. The Hong Kong 2021-22 Budget Summary; Significant Controllers Register ("SCR") in Hong Kong; Hong Kong Two-Tiered Profits Tax Rate Regime; Important Changes to BVI Legislation; Tax Corner . Welcome to Our Hong Kong 2020-21 Budget Summary The 2020-21 Budget was announced by Financial Secretary of Hong Kong, Mr. Paul Chan on Wednesday, 26 February 2020. Source: 2019-20 Budget Speech by the financial secretary 2019-20 Government expenditure (estimated) 20.4 % Others. This Tax Newsflash summarized the major proposals with respect … https://www.hkma.gov.hk/eng/news-and-media/press-releases/2021/01/20210127-3/ Summary This year's budget has struck a good balance and introduced measures that will help stimulate Hong Kong's economy and enhance its competitiveness. Totals for General Revenue Account and the eight Funds, Summary of Estimated Outstanding Commitments at the beginning of 2021-22, Analysis of Financial Provision of Subhead 000 Operational Expenses, Head 5 - Fines, Forfeitures and Penalties, Head 9 - Loans, Reimbursements, Contributions and Other Receipts, Head 707 - New Towns and Urban Area Development, Head 708 - Capital Subventions and Major Systems and Equipment. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. By. Please click here for details. 12.1 % … Increase the maximum monthly allowance of trainees The combined happiness level of those who pledged their HK$10,000 handout and recipients of their kindness in a pilot scheme was significantly higher than if … Dimsumdaily Hong Kong - 2:11PM Wed February 26, 2020. This is primarily due to the oneoff pandemic relief - measures granted in the past year. 繁體 | 简体 | Text Size. Facebook. DTTL (also referred to as "Deloitte Global") does not provide services to clients. 2021-22 Budget Open in new window - 2021-22 Budget; Financial Secretary's Office Open in new window - Financial Secretary's Office; Financial Services & the Treasury Bureau Open in new window - Financial Services & the Treasury Bureau; Hong Kong Economy Open in new window - … Relieving traffic congestion. Insights Industries Services Topics Events Careers Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. Support Enterprises and Employment. 2021/22 HK Budget Summary; News & Updates . Budget Speech. 5.5 % Social welfare. Hong Kong Budget Summary 2020-2021 Commentary The Financial Secretary, the Honourable Paul MP Chan, delivered his fourth budget which focused on providing relief to support enterprises and livelihoods, safeguard jobs and stimulate the economy. Please enable JavaScript to view the site. Share with your friends. sitting 2021 HKDSE Examination Support employees • Additional annual funding of $30 million to enhance Labour Department employment programmes. Please see About Deloitte to learn more about our global network of member firms. Hong Kong SAR Budget 2020/2021 Summary of Tax Measures Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po, delivered the 2020/21 budget speech this morning (26 Feb). deficit is forecast to more than billion in triple to HK$139.1 2020-2021, along with a new package of relief measures of HK$122 billion (4.3% of GDP) to combat COVID-19. 21.3 % Profits Tax. Please refer to the original PDF documents for textual descriptions including footnotes. Totals for General Revenue Account and the eight Funds. Hong Kong has reported a budget deficit of HK$257.6 billion for the 2020- 21 fiscal year, the largest deficit in 20 years. 7.7 % Land premium. However, even with this deficit, Hong Kong fiscal reserves remains strong at an estimated HK$902.7 billion as at 31 March 2021. General Revenue Account. DEFICIT * Government forecast 2019-20 budget deficit of HK$37.8 billion * Government expects fiscal deficit for next year will be HK$139.1 billion, accounting for 4.8% of GDP * Government says in four financial years from 2021-2022, the overall deficit in consolidated account will range from HK$7.4 billion to HK$17 billion . Issue 115 - 26 February 2019. Double Taxation Relief; Automatic Exchange of Information Arrangements ; Common Reporting Standard; General Withholding Tax; Advance Ruling in Hong Kong; … The usage of the datasets is subject to the Terms and Conditions as stipulated under DATA.GOV.HK. A Compassionate But Prudent Budget in The Context of Hong Kong's Fiscal Deficit This Tax Newsflash summarized the major proposals with respect to tax for individual and business. A deficit of $37.8 billion for 2019/20 is expected and fiscal reserves to reach $1,133.1 billion by 31 March 2020. 9.4 % Infrastructure. Toggle navigation. DEFICIT * Government forecast 2019-20 budget deficit of HK$37.8 billion * Government expects fiscal deficit for next year will be HK$139.1 billion, accounting for 4.8% of GDP * … 25.5 % Stamp duties. ECONOMY * 2019 GDP -1.2% * 2019 Q4 GDP -2.9% on year * 2019 Q4 … Summary. Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po, delivered the 2021/22 budget speech today. Hong Kong Budget Summary 2020-2021. close. Summary of Tax Measures Hong Kong Tax News. 14.6 % Security. 2019-20 Government revenue (estimated) Investment income. Summary of Estimated Financial Position. Consolidated Summary of Estimates. While some are concerned about local fiscal discipline, others view it as a good use of past savings for rainy days. 2021/22 HK Budget Summary; News & Updates . 2020-21 Revised Estimate. Fiscal . Health. Raise ceiling of on-the-job training allowance • Provide $2.5 billion to the Employees Retraining Board to enhance the Love Upgrading Special Scheme. 5590. Twitter. Summary of goodies in Budget 2020-21, application for cash payout HK$10,000 for PRs will open in August, rates for residential properties waived . To cope with the tough economic environment, this budget adopts an expansionary fiscal stance with optimal use of Hong Kong fiscal reserves to implement counter-cyclical measures summarised below:… 14.8%. The 2021-22 Budget - Home. 16 % Economic. On 24 February 2021, Financial Secretary Paul Chan Mo-Po presented his 5th Hong Kong budget speech against the backdrop of a second year of economic contraction, this time due to COVID-19, announcing an expected budget deficit of HKD257.6 billion for 2020/21 and anticipated fiscal reserves of HKD902.7 billion by 31 March 2021. A deficit of $257.6 billion for 2020/21 is expected and fiscal reserves to reach $902.7 billion by 31 See Terms of Use for more information. 13 % Environment and food. DTTL and each member firms are legally separate and independent entities. 22.8 % Other revenue. The 2021 Budget, which is themed “Economic Revitalisation through Completion, Consolidation & Continuity”, provides hope as the Government seeks to carefully balance fiscal consolidation with the provision of some targeted fiscal stimuli to cushion the impact of COVID-19 on businesses and to facilitate a quick and strong recovery of our economy. Hong Kong Budget Summary 2020-2021. The budget deficit of HK$37.8 billion for 2019/20 is expected and fiscal reserves to reach HK$1,133.1 billion by 31 March 2020. 2021-22 Estimate. Relieve People’s … Telecommunications, Media & Entertainment. Click anywhere on the bar, to resend verification email. The following datasets for the Estimates are provided in machine-readable CSV format. City can expect a deficit for the next few years over recurring expenses linked to Covid-19, while stamp duty on stock trading will rise, and HK$8 billion will be spent on national security law. The Hong Kong government’s strong fiscal reserves mean it has the capacity to provide immediate measures to tackle the situation and invest in the long term. Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po, delivered the 2020/21 budget speech this morning. The 2020-2021 Budget April 2020 . Fiscal reserves Fiscal reserves are estimated at HKD 937.1 billion by the end of March 2025, which is equal to about 15 months of government expenditure. Budget 2021 Tax Policy Changes Summary of Budget 2021 Taxation Measures - Policy Changes Achoimre ar Bhearta Bhuiséad 2021 Budget 2021 - Economic and Fiscal Outlook Endorsement letter from the Irish Fiscal Advisory Council © 2021. 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