Hong Kong Budget 2022 - 2023
Highlights

Electronic Consumption Vouchers

  • Issue $10,000 electronic consumption vouchers to each eligible Hong Kong permanent resident and new arrival aged 18 or above

  • Previously registered persons: $5,000 consumption vouchers will be issued in April, remaining $5,000 vouchers will be issued in mid-year by instalment

  • Newly eligible persons: after successful registration, $10,000 vouchers will be issued in mid-year by instalment

Tax Deduction for domestic rental expenses

  • Ease the burden of renting a private property on taxpayers liable to salaries tax and tax under personal assessment who are not owners of domestic properties

  • Subject to a deduction ceiling of $100,000 for a year of assessment from the year of assessment 2022/23

100% Personal Loan Guarantee Scheme for Individuals

  • Extend the application period to end April 2023

  • Increase the maximum loan amount to nine times of the applicant’s average monthly income during employment, and raise the ceiling to $100,000

  • Extend the maximum repayment period to 10 years, and the maximum duration of principal moratorium to 18 months

 

Personal Tax and Deduction

  • Reduce salaries tax and tax under personal assessment for the year of assessment 2021/22 by 100%, subject to a ceiling of $10,000

  • Provide rates concession for domestic properties for 2022/23, subject to a ceiling of $1,500 per quarter in the first two quarters and a ceiling of $1,000 per quarter in the remaining two quarters

  • Grant each eligible residential electricity account a subsidy of $1,000

Special 100% Loan Guarantee for Enterprises

  • Extend the application period to end June 2023

  • Increase the maximum loan amount to 27 months of employee wages and rents, with the loan ceiling raised to $9 million

  • Extend the maximum repayment period to 10 years

  • Offer the option of making partial repayment of principal over a longer period of time

Profit Tax and Deduction

  • Extend the Pre-approved Principal Payment Holiday Scheme to end October, offering enterprises the option of making partial repayment of principal over a longer period of time

  • Reduce profits tax for the year of assessment 2021/22 by 100%, subject to a ceiling of $10,000

  • Provide rates concession for non-domestic properties for 2022/23, subject to a ceiling of $5,000 per quarter in the first two quarters and a ceiling of $2,000 per quarter in the remaining two quarters

  • Waive the business registration fees for 2022/23

  • Continue to waive 75% of water and sewage charges payable by non-domestic households for eight months, subject to a monthly ceiling of $20,000 and $12,500 respectively

Mortgage Loan Cap

  • The cap on the value of a property eligible for a mortgage loan of a maximum cover of 80 per cent loan‑to‑value (LTV) ratio will be raised from $10 million to $12 million.

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