Like most sequels, the anticipation typically leads to mixed emotions, bordering on disappointment – so I will keep it brief.
Profits tax rates for companies remain unchanged and with little to zero focus on small business.
Salaries tax rates also remain unchanged however certain allowances have been increased which may provide some relief. A study will commence to investigate the tax deductibility of regulated health insurance policies to address the impact on the public health system.
Based on figures, the sentiment read through the smoke and mirrors, is a budget that leans more towards developing infrastructure rather than small business, education, health care and social welfare.
There is, on a brighter note, some funding allocated to promote innovation and technology in Hong Kong from a start-up and social impact perspective.
All the facts, figures are available here1 – I would love to hear your thoughts about the budget and/or ideas that could, with proper execution, make meaningful changes to your specific industry.
We’re working behind the scenes crafting better solutions to support our existing clients and to extend our services to super high volume e-commerce and subscription based businesses.
In parallel, we’re doing a feasibility study with a local digital commerce and logistics firm to explore how to add real value throughout the supply chain (source to customer) for HK small businesses.
For those of you who missed it, Xero is holding their second roadshow in HK next week. Register via this link2 – be great to see you there. Their senior management is in tow so expect some official announcements…