Gazettal of Rating (Exemption) Order 2020 and Revenue (Reduction of Business Registration Fees and Branch Registration Fees) Order 2020
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The 2020-21 Budget has proposed to waive rates for four quarters of 2020-21. For domestic tenements, the concession ceiling is $1,500 per tenement per quarter. To provide a stronger financial relief to businesses during the economic downturn, the ceiling for non-domestic tenements is $5,000 per tenement per quarter for the first and second quarters; and $1,500 per tenement per quarter for the third and fourth quarters. The proposed rates concession will benefit about 3.35 million properties, leading to revenue forgone of about $16.5 billion.
Furthermore, the Budget has proposed to waive the business registration fees and branch registration fees for 2020-21 to reduce the operating cost of business amidst the unfavourable economic circumstances. The proposed waiver will benefit 1.5 million business operators, with revenue forgone of about $3 billion.
The two Orders will be tabled at the Legislative Council for negative vetting on March 18.
Ends/Wednesday, March 4, 2020
Issued at HKT 16:00
Issued at HKT 16:00
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