March 2022 / Hong Kong

The next round will be focused on helping SMEs. 

As part of efforts to improve the current employment rate, the Hong Kong government will launch time-limited financial support to employers.

The round will target small-medium sized enterprises and is a continuation of the initial round that was introduced in 2020.

According to Chief Executive Carrie Lam, the main distinction will be on the basis of the industry, with certain business sectors being ineligible due to not being as adversely affected by the pandemic.

Meanwhile, Dr. Law Chi-Kwong, Secretary for Labour and Welfare, also reiterated that the scheme can help revive businesses in Hong Kong.

“As the Chief Executive just mentioned, in the announced figures in February 2021, the unemployment rate was 7.2%. In ten months’ time, it dropped to 3.9%.,” said Dr. Law.

Source: Hong Kong Business

The Financial Secretary proposed to introduce a tax deduction for eligible domestic rental expenses from the year of assessment 2022/23. Taxpayers liable to salaries tax or tax charged under personal assessment who do not own any domestic property can claim deduction for the rent paid by him/her or his/her spouse as the tenant. The annual ceiling of the deduction is $100,000.

Source: Inland Revenue Department