Xu Zhengyu, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, told the Legislative Council today (May 28) that the government will continue to solicit industry views and, as appropriate, optimize Hong Kong’s tax system. The government has drawn up a preliminary framework for tax concessions under a package of preferential policies, including offering a half-rate or a 5% preferential tax rate, aimed at attracting high value-added industries and high

Xu Zhengyu, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, told the Legislative Council today (May 28) that the government will continue to solicit industry views and, as appropriate, optimize Hong Kong’s tax system. The government has drawn up a preliminary framework for tax concessions under a package of preferential policies, including offering a half-rate or a 5% preferential tax rate, aimed at attracting high value-added industries and high-potential enterprises. Firms locating in the Northern Metropolis or elsewhere in Hong Kong would be eligible to apply for the package’s preferential rates. Because the tax concessions span multiple policy bureaux and require specialist input, the government will consult relevant bureaux and departments on which industries and enterprises are covered and on sector-specific requirements. The administration plans to seek LegCo’s views later this year and to submit an amendment bill to the ordinance.