2023-03-02

Hong Kong’s finance chief Paul Chan Mo-po announced in his 2023 budget on 22^nd February 2023. He believes Hong Kong will remain positive and have visibly recover in 2023. Even though the economic recovery is in the initial stage. Thus, the budget will focus on measure to support people and enterprises and boost the momentum of Hong Kong’s economic revival.

2023 Budget Highlights:

The budget introduces a series of Speedy Post-Epidemic Recovery Measure. Centre O will highlights the budget as below:

Attracting Tourists and Enlivening The City’s Image

Spend over $250 millionon mega events
About $300 million reserved for staging more mega events, international meetings, incentive travels, conventions and exhibitions in Hong Kong
Offer shopping and dining privileges to 1 million inbound visitors
$50 million for stepping up the promotion and branding of Hong Kong

Happy Hong Kong

Launch the “Happy Hong Kong” Campaign for the general public focusing on gourmet experiences, fun amusements and exciting ambience
Launch a “Gourmet Marketplace” comprising large-scale food fairs in various districts in Hong Kong
Organise a large scale sea-land carnival in summer with Victoria Harbour as the stage
West Kowloon Cultural District Authority, Disneyland, Ocean Park, Cyberport, Science Park, Jockey Club, etc. will each hold themed activities

Electronic Consumption Vouchers

Issue $5,000 electronic consumption vouchers to each eligible Hong Kong permanent resident and new arrival aged 18 or above in two instalments
Previously registered eligible persons: $3,000 consumption vouchers will payout in April, remaining $2,000 vouchers will payout in mid-year
New eligible persons: vouchers will payout in mid-year in two instalments upon registration
Eligible persons who have come to live in Hong Kong through different admission schemes or to study in Hong Kong: offer $2,500 vouchers

Supporting Enterprises

Reduce profits tax for the assessment year 2022/23 by 100%, subject to a $6,000 ceiling
Provide rates concession for non-domestic properties for the first two quarters of 2023/24, subject to a ceiling of $1,000 per quarter
Grant 50% rental fee concession to eligible tenants of government premises and short-term tenancies and waivers for 6 months
Extend the application period of all guarantee products under the SME Financing Guarantee Scheme to March 2024
Offer fully guaranteed loans for eligible passenger transport operators and licensed travel agents. To be launched in April this year
Extend the Travel Agents Incentive Scheme to June 2023
Inject $30 million into the Information Technology Development Matching Fund Scheme for Travel Agents to encourage the tourism sector to undergo upgrade and transformation

Supporting the General Public

Reduce salaries tax and tax under personal assessment for the 2022/23 assessment year by 100%, subject to a $6,000 ceiling
Provide rates concession for domestic properties for the first two quarters of 2023/24, subject to a $1,000 ceiling per quarter
Provide an extra half-month allowance of standard CSSA payments, Old Age Allowance, Old Age Living Allowance or Disability Allowance. Similar arrangements will apply to Working Family Allowance
Extend the temporary special measures of the Public Transport Fare Subsidy Scheme for six months (to October 2023)
Pay examination fees for school candidates sitting for the 2024 HKDSE Examination
Grant each eligible residential electricity account a subsidy of $1,000
Extend the current arrangement of distributing electricity charges relief of $50 a month to each account to end 2025
From the 2023/24 assessment year, increase the basic child allowance and the additional child allowance for each child born during the year of assessment from $120,000 to $130,000

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