They noted that the budget process had become more forwardlooking in recent years and that the 2014 budget for which the consultation process has started would take into consideration the downside external risks. Upon declassification, the paper will be made available to the public at the ha homepage, the departments library and through the departmental access to information officer. Hkd billion percent of fiscal year gdp budget speech estimates of total stimulus, relief and investment measures 80 4 key. Profits tax exemption for offshore funds extended to.
Budget speech various years and hong kong monetary authority. Summary of 20 budget measures policy changes pdf irish version pdf taxation annexes to the summary of 20 budget measures pdf. According to aecom and tea, hong kong disneyland is the th most visited theme park in the world in 20, with 7. Revised estimates for 2014 149 150 estimates for 201415 151 159 medium range forecast 160 161 concluding remarks 162 168 this speech, together with the supplement and appendices relating to the 201415 budget, is available at. Mice business fostering partnership in the mice business, the events of the future are the fruits of todays effort.
Estimates for 2014 152 155 medium range forecast 156 concluding remarks 157 163 this speech, together with the supplement and appendices relating to the 2014 budget, is available at. Hong kong tax facts and figures the information in this booklet is based on taxation laws and practices as of 25 february 2015 and incorporates legislative proposals and measures contained in the 201516 hong kong budget announced on the same date. Memorandum for the subsidised housing committee of the hong. The hong kong economy grew modestly in the first three quarters of. John tsang chunwah, delivered the 2014 budget on 27 february 20. Director of health head 37 department of health reply serial no.
The term of the session is from 1 october 2012 to 30 september 2016, during the term in office of the chief executive leung chunying. The mission of the office of the government chief information officer ogcio under this programme is to. The surplus is largely driven by increased revenues from land sales, tax collections, stamp duties and a greater. Cityu 2014 general research fund and early career scheme. Legislative council secretariat fs1912 research office page 6 references 1. Summary of 20 budget measures policy changes pdf irish version pdf taxation annexes to the summary of 20 budget measures pdf economic and fiscal outlook 20 pdf. Synopsis paper proposing tax exemptions and antiavoidance measures on private equity funds in the 2014 budget background 1. The fifth legislative council of hong kong is the former meeting of the legislative branch of the hong kong special administrative region government. The budget deficit also increases during recessions, as government spending increases. Hong kongs actual gross domestic product gdp growth for 2012 was 1. Hkiods recommendations for government budget 2014 the hong kong institute of directors hkiod is pleased to submit its views on the government budget for the 2014 year. Singapore announced its budget in the same week as hong kong. Budget 20 financial statement by the minister for finance. Most sectors have benefited in some way from the budget.
Hong kong the 201516 budget the financial secretary delivered the 201516 budget on 25 february 2015. Click here to download the complete set of the 2014 budget for offline reading. The measures proposed in the budget, including those oneoff relief measures, are summarised below. Synopsis paper tax and avoidance on private in the 14 budget. Kong s position as a premier international asset management centre, the hong kong financial secretary announced in his 2014 budget to consult the fund industry on the legislative amendments to the existing offshore fund exemption regime, which extends the exemption to pe. Australia international median hong kong top ranked year 4 students. Home ownership assistance operating account 2014 revised budget and 201415 proposed budget. Ho chunyan, albert medical and dental treatment for. This was referenced subsequently in both the 201415 and 201516 budget speeches. Legislative council panel on financial affairs securities and futures. This is the sixth budget prepared by john tsang, but the first. Business registration fees for 20 14 are to be waived. The membership of the legco is based on the 2012 election.
A waiver of rates for 2014 capped at hkd 1,500 per quarter. Hong kong budget summary 20 2014 hong kong budget summary 20 2014. Budget commentary forum 2014 how will the budget affect. The budget proposals will need approval by the legislative council before taking effect. A waiver of rates for 20 14 capped at hkd 1,500 per quarter. Rental housing operating account capital expenditure appendix c1.
Highlights of the revenue proposals in the 2014 budget. Chapter 6fiscal measures adopted in other economies. The hong kong economy has seen only a tepid growth in 2012. The hong kong mass transit railway, the primary means of public transport in hong kong has been inspected during the mid 1980s. Implications for the real estate market the governments intention to increase the land supply was the key message for the real estate market in the 20 14 budget, which was announced by the financial secretary, mr john tsang, on 27 february 20. Cityu 20 14 general research fund and early career scheme results continued on next page the research grants council rgc recently announced the results of the 20 14 general research fund grf and early career scheme ecs funding allocation exercise. This represented an increase of 146 participants or 3. On 17 january 20, mazars submitted its proposals to the financial secretary of hong kong. The difference between headcount and fte reflects growth in shortterm. Ho chunyan, albert medical and dental treatment for civil servants csb034 44 hon. Legislative proposals do not become law until their enactment and may be.
The budget is designed to develop hong kongs economy through the pillar industries financial services, logistics, tourism and professional services, and at the same time, to provide a better social and economic environment for its population. In his 20142015 budget, the financial secretary has proposed to reduce. Fhbh192 controlling officers reply to initial written question question serial no. Radio television hong kong performance pledge 20 14 page 5 of 7 the performance targets of the new media in 2014 are as follows. More recently those seeking asylum or protection based on torture claims are a fast growing part of the citys population, increasing since 2004 due to changes in the legal system for considering asylum and torture claims mandated. Examination of estimates of expenditure 2014 reply serial no. This article highlights the budget s major proposed changes. Budgetary criteria 7 article 107 of the basic law stipulates that the hong kong special administrative region shall follow the principle of keeping expenditure within the limits of revenues in drawing up its budget, and strive to achieve a fiscal. The 20162017 budget research march 2016 brief legco.
Recognising this weakness, the hong kong government proposed in its 2014 budget to extend the profits tax exemption to include transactions in private companies, which are incorporated or registered outside hong kong and do not hold any hong kong properties nor carry out any business in hong kong. Synopsis paper proposing tax exemptions and antiavoidance measures on private equity funds in the 20 14 budget background 1. The government has made room in the budget through targeted savings to ensure these reforms are fully funded in the long term. Global mobility managers should consider the budgets potential impact on assignee populations in hong kong. Memorandum for the finance committee of the hong kong housing. Appendix for press release kpmg forecasts a hk budget. The bill seeks to give effect to the proposal in the 20 14 budget that the profits tax on the offshore insurance business of captive. Hong kong tax 2014 budget analysis compassionate, pragmatic and cautious with clear positioning of hong kong the financial secretary for the hong kong special administrative region hksar, mr.
The hong kong financial secretary first mentioned the proposed provision of a legal framework for introducing an ofcs structure in hong kong in his 2014 budget speech. Key budget assumptions, budgetary criteria and projections. Memorandum for the finance committee of the hong kong. As announced in the last budget, the hong kong government is proposing to. Due to the new arrangements agreed in a contentious. Highlight of financial indicators in hong kong economic outlook is cautiously optimistic. In 2014, the hktbs meetings and exhibitions hong kong mehk office actively strengthened ties with some of the worlds most established associations, through which we promote hong kong as an ideal. This article highlights the budgets major proposed changes.
The 2014 budget is the first budget for the new government. The hong kong sar government is set to record a consolidated budget surplus of hkd14 billion for the fiscal year 2014, against a deficit of hkd 4. Urges the government to stimulate the work force to reduce ageing population pressure. In detail 201415 hong kong salaries tax rates the salaries tax rates for year of assessment 201415 will be the same as those for 2014.
Progress that has been made towards these commitments in the 2014 fiscal year includes. Maintenance cost of chiller plants in hong kong request pdf. Profits tax the profits tax rates for companies and unincorporated businesses for year of. Financial statement online financial statement pdf budget publications.
John c tsang, delivered the 2014 budget speech on 27 february 20, which is his sixth, proposing the governments revenue and expenditure for the year 2012. Click here to download the complete set of the 201415 budget for offline reading. Kpmg forecasts a hk budget surplus of hkd14 billio. Highlights of the revenue proposals in the 201415 budget. The governments digital 21 strategy sets out five action areas to sustain hong kong s position as asias leading. Conpak issues this summary with the purpose of introducing key areas of work and changes of tax policies for the coming year as set out in the budget by the government. Profits tax for 2012 to be reduced by 75 percent subject to a ceiling of hkd 10,000. Hong kong budget summary 2014 the financial secretary, the hon john c tsang, presented his sixth budget for the year 2014 to the legislative council on 27 february 20. In 2006, the hksar government introduced profits tax exemptions for offshore funds if their activities in hong kong are restricted to specified transactions and transactions incidental thereto. Hong kong budget 2014 kpmgs commentary in the 2014 budget, the financial secretary forecasts a consolidated budget surplus of hkd 64. Appendix for press release kpmg forecasts a hk budget surplus. The budget addresses several areas which can be broadly classified as follows. The early career scheme ecs was first introduced by the ugc last year. It was found that repairs are needed to be carried out in certain.
Our financial secretary, mr john tsang, delivered his sixth budget on 27 february 20 against the backdrop of continued deteriorating external environment of us fiscal cliffeuropean. Fiscal policy and budget to meet hong kong needs if the policy address is blue print in hand, it is now a matter of implementation. Hong kong sar stage of development factor driven efficiency driven innovation driven 1 transition 12 2 transition 2 3 3 hong kong sar innovationdriven economies 05 10 15 20 25 30 10,000 20,000 30,000 40,000 50,000 60,000 1990 1992 19961994 1998 2000 2002 20062004 2008 2010 2012 institutions infrastructure macroeconomic environment health. The financial secretary for the hong kong special administrative region, mr john tsang chunwah, delivered the 201415 hong kong budget the budget on 26 february 2014. Hong kong island kowloon new territories east new territories west islands b number of pregnant women attending antenatal service. A paper on limited partnership for private equity funds.