$16.8b in relief measures announced

On 26 May 2009, Financial Secretary John Tsang has unveiled a new round of relief measures which will cost the Government $16.8 billion. Some business measures are extracted as followings: Economic relief Highlights of the measures benefiting the general public include raising the one-off tax reduction for 2008-09 salaries tax and tax under personal assessment from 50% to 100% - with a ceiling of $8,000. The rates in the 2009-10 fiscal year will be exempted the whole year, with a ceiling of $1,500 per quarter per household. It is estimated that 90% of residential and 60% of non-residential properties will benefit. Financial backing for small and medium-sized enterprises will be strengthened to allow them to borrow more money from banks. Business registration fees and entertainment and restaurant licence fees will be waived for a year. Early implementation "We hope to secure the necessary authority to implement this package of measures before the LegCo recess this summer," he said. Disclaimer: The publication contains information in summary form and is therefore intended for general guidance only. This publication is not intended as legal, accounting or other professional advice and should not be relied upon as such. If legal, accounting or other professional advice or expert assistance is required, the services of a competent professional should be sought. Neither Reanda Lau & Au Yeung Limited nor any related entity shall have any liability to any person or entity that relies on the information contained in this publication. For more details, please refer to HK Government News: http://www.news.gov.hk/en/category/issues/html/index.htm