The 2019-2020 budegt

Bookmark and Share

Diversified Economy


 Relieve People's Burden

  • Reduce salaries tax and tax under personal assessment for Year of Assessment 2018-19 by 75% subject to a ceiling of $20,000
  • Reduce profits tax for Year of Assessment 2018-19 by 75%, subject to a ceiling of $20,000
  • Waive rates for 4 quarters of 2019-20, subject to a ceiling of $1,500 per quarter for each rateable property
  • Provide an extra 1month allowance to recipients of CSSA, Old Age Allowance, Old Age Living Allowance or Disability Allowance; similar arrangements will apply to Working Family Allowance and Work Incentive Transport Subsidy
  • Provide a one-off additional $1,000 worth of Elderly Health Care Vouchers, and increase the accumulation limit of vouchers to $8,000
  • Provide a one-off grant of $2,500 to each student in need
  • Pay the examination fees for school candidates sitting for the 2020 Hong Kong DSE Examination

Support enterprises

  • Waive the business registration fees for 2019-20
  • Regularise the Technology Voucher Programme and double the funding ceiling for enterprises to $400,000
  • Inject $1 billion into the Dedicated Fund on Branding, Upgrading and Domestic Sales, extend its geographical scope and increase the funding ceiling for enterprises
  • Extend the application period of the special concessionary measures under the SME Financing Guarantee Scheme to end June 2020
  • Expand the networks of Free Trade Agreement, Investment Promotion and Protection Agreement, and Comprehensive Avoidance of Double Taxation Agreement
  • Expand the Economic and Trade Office network to strengthen external promotion and assist Hong Kong enterprises in exploring new business opportunities

 Financial Services Industry

  • Issue the first batch of government green bonds to promote the development of green finance
  • Consider establishing a limited partnership regime and introducing tax arrangement to attract private equity funds to set up and operate in Hong Kong
  • Promote mutual recognition of funds with other jurisdictions to broaden the distribution network of local fund products
  • Provide tax concessions for marine insurance and underwriting of specialty risks, and facilitate them to issue insurance-linked securities
  • Promote the use of Faster Payment System for payment of government fees and charges
  • Issue virtual bank licences
  • Establish the Academy of Finance in mid-2019 to promote financial leadership development
  • Provide a $400 million seed capital for the Financial Reporting Council and enable it to waive levy in the first two years under the new regulatory regime


  • Allocate $353 million for the continued implementation of the Development Blueprint for Hong Kong’s Tourism Industry

Innovation and Technology

  • Set aside $5.5 billion for the development of Cyberport 5 to accommodate more technology companies and start-ups
  • Set aside $16 billion for universities to enhance or refurbish campus facilities, in particular those for R&D
  • Inject $20 billion into the Research Endowment Fund of the Research Grants Council under the University Grants Committee to provide research funding
  • Establish two innovative clusters in the Science Park focusing on “A.I. and robotic technologies”and “healthcare technologies”, pooling top-notch universities and institutions to collaborate and undertake R&D activities
  • Launch the $2 billion Re-industrialisation Funding Scheme in 2019
  • Expand the Corporate Venture Fund of the Science Park to $200 million
  • Allocate $800 million to support R&D work and the realisation of R&D results by universities, key laboratories and engineering research centres
  • Double the annual funding ceiling for each university under the Technology Start-up Support Scheme for Universities to $8 million
  • Increase the monthly allowance for researchers under the Researcher Programme to attract local graduates to join the I&T sector
  • Extend the funding period under the Researcher Programme and the Postdoctoral Hub Programme

Creative Industries

  • Inject $1 billion into the Film Development Fund
  • Commence the works for the Sham Shui Po Design and Fashion Project

Professional Services

  • Allocate $150 million to support the development of an online international dispute resolution platform by NGOs

Construction Industry

  • Promote the digitisation of works supervision system to enhance the standard of and efficiency in public works monitoring
  • Implement Construction 2.0 to improve productivity, quality, safety and environmental impact
  • Upgrade the Project Cost Management Office under the Development Bureau to strengthen cost management of public works projects
  • Earmark $40 million for the first three years of operation of the Centre of Excellence for Major Project Leaders to enhance public officers’ capability in delivering public works projects

International Transportation Centre

  • Consider introducing tax and related measures to attract ship finance companies to develop ship leasing businesses in Hong Kong
  • Provide a 50% profits tax concession to marine insurance businesses

Source from/ More details: 

Drop us your email address and stay connected with us

Privacy Policy

Welcome to the website (“Site”) of Startup Business Centre (“Startup Business Centre”).

Startup Business Centre believes that the responsible use of personal information collected from you through this Site is critical to its business objectives and reputation. As part of our commitment to privacy, we have adopted this Privacy Policy.

This Privacy Policy relates solely to personal information supplied by you on this Site. Any personal information provided by you to Startup Business Centre through this Site may be used for the purposes of your request and/or for the purposes of providing services or other products to you.

The information which you are requested to provide on this Site may be transferred within the Startup Business Centre group comprising Startup Business Centre, its subsidiaries, affiliates and associated companies. This may include transfer, with your consent, to other members of the Startup Business Centre group in different jurisdictions. In providing your telephone and facsimile numbers you are agreeing that Startup Business Centre may contact you by telephone and facsimile. Startup Business Centre will not reveal your details to any external body, unless Startup Business Centre either has your permission, or is under a legal obligation or any other duty to do so, or such disclosure is for the purposes of your request and/or for the purposes of providing services or other products to you.

Startup Business Centre wishes to assure you that your personal information will be treated as confidential and with high standards of security and confidentiality. Startup Business Centre pledges its intention fully to meet internationally recognized standards of personal data privacy protection and to comply with the requirements of applicable data protection/privacy laws. In doing so, we will ensure compliance by our staff with the same high standards of security and confidentiality.



Startup Business Centre makes available the information and materials on the Website (the "Materials") for general informational purposes only.


The Materials, including but not limited to summaries, descriptions, publications and any other such materials appearing on the Website, are not intended to constitute, and DO NOT constitute, financial, investment or business advice. Those accessing the Materials should not act upon them without first seeking legal, financial or other such business counsel, as these Materials are general in nature, and may not apply to particular factual or legal circumstances. As such, the Materials should not be used as a substitute for consultation with a professional adviser. Please consult a professional adviser should you have questions regarding legal, financial or other such business counsel. Neither Startup Business Centre, nor its members, affiliates, employees, agents, officers or directors will be responsible for any financial, legal or business decisions you may make. Moreover, Startup Business Centre’s member firms are separate and independent legal entities, and you agree that Startup Business Centre is not responsible for any acts of omissions of these entities.


Any price quotation, service information, employment benefits information or any other such information regarding the provision and fees for any service offered by Startup Business Centre or the benefits of employment by Startup Business Centre are provided purely for informational and illustrative purposes. Startup Business Centre does not guarantee, and makes no warranty, promise, or agreement that any depicted or described service or benefit is actually offered or comports with its description on the Website. Startup Business Centre reserves the right to cease offering any such services or benefits to prospective or current employees or clients at any time, in all cases without notice or liability.

This Web site may contain typographical errors or inaccuracies, and may not be complete or current. Startup Business Centre therefore reserves the right to correct any errors, inaccuracies or omissions and to change or update information at any time without prior notice.


Certain links in this Site connecting to other third parties Sites are for general guidance only. Startup Business Centre makes no representations to the accuracy or any other aspect of information contained in those Sites.