The focus of Hong Kong this week is the policy address. The impact of this year’s policy address on the business community is roughly as follows:
1. The "interest-free principal repayment" arrangement under the "SME Financing Guarantee Scheme" will consider providing more repayment options. Enterprises can choose to repay only 10% to 50% of the originally scheduled principal repayment every month within a specified period. Giving companies more time to transition to normal repayments;
2. Under the BUD Fund, the "E-commerce Easy" subsidy is launched, and enterprises can use 1 million to implement e-commerce projects;
3. Stamp duty on residential property sales: i) The additional stamp duty period has been shortened from three years to two years. Residential properties purchased before October 21 can receive immediate discounts and be relaxed early; ii) Buyer’s stamp duty is halved to 7.5%.
Please note: The above measures are only preliminary concepts and implementation details still need to be set and legislation passed.
This year's policy address is unprecedentedly long. The scope of content is also very broad. However, support and support for the business community, especially local enterprises and SME in Hong Kong, have been ignored. In this difficult economic moment, Hong Kong's local enterprises and SME are in greatest need of support and immediate support, but there is no policy assistance, which is puzzling to people today.
You still need to seek blessings for yourself and work hard to be yourselves.
Edward So & Co provides comprehensive business support services to Hong Kong SME, including: accounting, auditing, tax reporting, tax planning and financing services, etc. If you have any business inquiries, please feel free to contact our company.
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