The 2023/24 Budget was released today (22/2). Financial Secretary Paul Chan Mo-po announced a number of measures to facilitate Hong Kong's speedy recovery after the epidemic. In addition to distributing electronic consumption vouchers to each eligible Hong Kong permanent resident in two installments, the government has also prepared many subsidies for enterprises. Read below to see if the benefits suit your taste!
The Budget will help companies rebound through tax exemptions and funding schemes etc.:
- Reduce profits tax for the assessment year 2022/23 by 100%, subject to a $6,000 ceilingProvide 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
- Inject $30 million into the Information Technology Development Matching Fund Scheme for Travel Agents
To accelerate trade development, The Budget will:
- An additional $550 million will be allocated to the Hong Kong Trade Development Council (HKTDC) to assist enterprises in exploring emerging markets
- Inject $500 million into The BUD Fund
How to Apply for Funding?
Bosses, which measure do you like best? If you are interested in the SME Financing Guarantee Scheme or The BUD Fund, feel free to reach out to OneStart Business Centre and let our professionals help with your applications! Then you’ll be one step ahead of others, with your precious time saved! Welcome to call 3575 6888, or Whatsapp to find out more!
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