SNAPSHOTS OF HONG KONG BUDGET 2021/2022

On 24 February 2021, Hong Kong’s 2021/2022 Budget was delivered by Mr. Paul Chan, the Financial Secretary of the Hong Kong Special Administrative Region.

Set against the back drop of a second year of economic contraction caused by the impacts of China-US tension, local social incidents and the COVID-19 pandemic, Hong Kong is faced with a lackluster economy and a deteriorated labour market. A record deficit of HK$257.6 billion for the fiscal year 2020/2021 was announced and this is indeed the largest deficit in 20 years. He further warned that Hong Kong is expected to suffer annual deficit over the next few years due to the rising cost in recurring expenses and the one-off anti pandemic measures.

The Financial Secretary’s 2021-2022 Budget outlined the Government’s plans for the economy and proposals to support healthcare, enterprises, safeguarding jobs and strengthening livelihood, paving ways for a post pandemic economic recovery.

Similar to last year, there are no new tax measures introduced.

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© March 2021.  This article is contributed by Acutus Tax & Corporate Services Limited. All rights reserved

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