For Immediate Release
In its Budget Submission to the Financial Secretary for the Government’s upcoming Budget Address, the Hong Kong General Chamber of Commerce (HKGCC) focuses on measures to stimulate the economy, attract talent and businesses to Hong Kong, and boosting the city’s appeal as Asia’s premier business and financial hub.
Hong Kong’s economy continues to face significant challenges amidst the global economic malaise, high interest rates and geopolitical uncertainties. Therefore, the Chamber has proposed short-term relief measures to help businesses through these difficult times, including a one-off rebate on profits tax and salaries tax, and extending the time-limited special concessionary measures of the SME Financing Guarantee Scheme. We also recommend removal of the existing property cooling measures.
A key focus of the submission is dedicated to retaining and attracting talent and businesses. This is crucial to enhance Hong Kong’s overall operating environment and ease the acute manpower shortages. In addition, HKGCC also made substantial recommendations for longer-term development. The nine key areas of our submission are as follows:
Short-term Measures
Retaining and Attracting Talent and Business
Financial Markets
Taxing Non-HK Resident Digital Service Suppliers
Global Minimum Tax
Tax System
Regional Intellectual Property (IP) Trading Centre
International Trade Centre
Retirement Protection
A summary of the key proposals can read on the Chamber website here, while the full details of the Chamber’s submission can be downloaded here.
Media inquiries: Please contact Chloe Lee at 2823 1297 / [email protected]