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Hong Kong

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Hong Kong Government Response on Possible Tax Concessions including Two-Tier Profit Tax and R&D Incentive

In a release published 5 July 2017, the Hong Kong Government responds to questions posed in the Legislative Council on possible tax concessions proposed by the Chief Executive, which include:

  • Introducing a two-tier profits tax rate system and lowering the profits tax rate for the first  HKD 2 million of profit from the current 16.5% to 10% so as to reduce the tax burden on small and medium enterprises; and
  • Providing additional tax deductions for research and development expenditure to encourage enterprises to invest in the research and development of new products.

In the response, Secretary for Financial Services and the Treasury, James Lau, informed the Council that the tax policy unit of the Financial Services and the Treasury Bureau has commenced work on researching both concessions, and once specific proposals have been drawn up, the Government will consult with the stakeholders concerned.

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