2023 Policy Address

2023 Policy Address

Promote fertility and create a pro-childbearing environment

• Provide a cash bonus of $20,000 for each newborn
• Raise the accommodation-related tax deduction ceiling for families with newborns to $120,000*

*the following tax measures under salaries tax and personal assessment will take effect from the year of assessment 2024/25:

• Raising the deduction ceiling for home loan interest or domestic rents from the current $100,000 to $120,000 for taxpayers who reside with his / her first child born on or after 25 October 2023, until the child reaches the age of 18.
• Providing deduction for expenses on assisted reproductive services, subject to the ceiling of $100,000 per year.

Trawl for enterprises, attract and retain talents

• Develop a "Headquarters Economy" to attract enterprises from outside Hong Kongto set up headquarters and/or corporate divisions in Hong Kong; attract companies to re-domicile to Hong Kong
• Establish the physical office of Hong Kong Talent Engage, expand the coverage of universities under the Top Talent Pass Scheme, and implement the Capital Investment Entrant Scheme

 

Reference: 

https://www.ird.gov.hk/eng/tax/policyaddress.htm

https://www.policyaddress.gov.hk/2023/en/index.html