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Hong Kong Announces Budget for 2014/2015

The Financial Secretary of Hong Kong has officially presented the 2014/15 Budget. Among the areas addressed are corporate and personal taxes

 
PRLog - Mar. 18, 2014 - SUNNYVALE, Calif. -- The Financial Secretary of Hong Kong has officially presented the 2014/15 Budget. Among the areas addressed are corporate and personal taxes, social security and incentives for private companies, reports Nair & Co.’s International Services team.

Following are significant highlights of the 2014/15 Budget:

Corporate taxation


* Proposed – a reduction of current profits tax, up to HKD 10,000.

* Under review – interest deduction in relation to corporate treasury activities.

* Prolonging the application period by one year for special concessionary measures under SME Financing Guarantee Scheme.

* Offering an Enterprise Support Programme to support R&D activities in private companies, under the Innovation and Technology Fund (subject to a maximum of HK$10 million).

Personal taxation

* A one-off reduction of 75% of the current salaries tax and tax under personal assessment (subject to a maximum of HKD 10,000).

* Proposed – increasing the maximum deduction for elderly residential care expenses to HKD 80,000 (previously HKD 76,000).

* Proposed – increase in dependent parent/grandparent allowance (2014/15 and onwards):

1. Allowance for Dependent parents/grandparents (for each dependant):

Between 55 and 59 years of age: HKD 20,000.

Age of 60 years or above: HKD 40,000.

2. Allowance for additional dependent parents/grandparents (for every dependant who is staying with the taxpayer constantly throughout the year):

Between 55 and 59 years of age: HKD 20,000.

Age of 60 years or above: HKD 40,000.

Businesses are expected to benefit from the reduction in current profits tax up to HKD 10,000. Further, introduction of the Enterprise Support Programme to certain R&D activities in private companies is also a welcome move. Nair & Co. advises companies operating in Hong Kong to carry out a detailed analysis of the 2014/15 Budget to assess actual impact.

For more information about doing business overseas (http://www.nair-co.com/expanding-business-overseas.aspx) or to learn more about our International Expansion Services (http://www.nair-co.com/) team please contact us (http://www.nair-co.com/global-offices.aspx).

Subscribe (http://www.nair-co.com/subscribe.aspx) to regular global tax compliance alerts from Nair & Co.

Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts (http://www.nair-co.com/newsandannoucement.aspx).

About Nair & Co.

Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com

Media Contacts: For media enquiries or to learn to more about Nair & Co., please email us at media@nair-co.com or call Yvonne Smith at +1.408.501.8867

Contact
Yvonne Smith
***@nairusa.com

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Source:Nair & Co.
City/Town:Sunnyvale - California - United States
Industry:Business
Tags:2014/15 Budget, Hong Kong 2014/15 Budget, corporate and personal taxes, social security and incentives, doing business overseas
Shortcut:prlog.org/12296873
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