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The 2015-2016 Budget

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Profits Tax

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  • Profits tax rates for companies(16.5%) and unincorporated businesses (15%) remain unchanged.
  • Consider extending the scope of tax deduction for capital expenditure
  • incurred on the purchase of intellectual property rights to cover more types of
  • intellectual property rights as appropriate.
  • Amend the tax law to allow, under specified conditions, interest deductions
  • under profits tax for corporate treasury centres and reduce profits tax for specified treasury activities by 50%.

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Salaries Tax

  • No change in the standard tax rate, progressive tax rates and the income bands for progressive tax rates.
  • Increase the basic and additional child allowances to HK$100,000 (for each child).
  • Provide tax concession for subscribers to regulated health/medical insurance products.

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Government Fees

  • Waive the licence fees for travel agents, hotels and guest houses,restaurants, hawkers and operators with restricted food permits for six months.
  • Waive vehicle examination fee once for the renewal of vehicle licences of
  • taxis, light buses, franchised and non-franchised buses, goods vehicles, trailers and special purpose vehicles within a year.

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One-off Measures

  • Waive 75% of profits tax for 2014/15 (subject to a HK$20,000 ceiling) to be
  • deducted from the taxpayer’s final tax payable for the year.
  • Waive 75% of salaries tax and tax under personal assessment for 2014/15, subject to a ceiling of HK$20,000, to be deducted from the taxpayer’s final
  • tax payable for the year.
  • Waive rates for the first two quarters of 2015/16, subject to a ceiling of
  • HK$2,500 per quarter for each rateable property.
  • Pay one month’s rent for the lower income tenants of public housing,
  • excluding certain wealthier tenants and non-elderly tenants.
  • Provide two additional months of Comprehensive Social Security Assistance
  • (CSSA) payment, Old Age Allowance, Old Age Living Allowance and Disability Allowance.

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Others

  • Extend the application period for special concessionary measures under
  • SME Financing Guarantee Scheme to 29 February 2016.
  • Inject $1.5 billion in to the SME Export Marketing and Development Funds.
  • Inject additional $400 million in to the Create Smart Initiative to support
  • different sectors of the creative industries.
  • Earmark $23 million in the coming three years for offering intellectual
  • property consultation, manpower training and other services to SMEs. ? Issue iBond (i.e. inflation-linked retail bonds) worth up to $10 billion.
  • Spend $91 billion to add 2,800 hospital beds and support public-private
  • partnership initiatives.
  • Set aside $50 billion to provide better retirement protection for the elderly
  • in need.
  • Establish a Future Fund to serve as long-term savings. The fund will be
  • placed in long-term investments for higher returns.
  • The 2015/16 Land Sale Programme will include 29 residential sites (of
  • which 16 are new ones), four commercial/business sites and one site for hotel development.
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