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Summary of 2010-11 Government Budget (Main Points for carrying business)

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Summary of 2010-11 Government Budget?(Main?Points for carrying business)

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Salaries?Tax?Reduction

Reducing 75 per cent of salaries tax and tax under personal assessment for 2009-10, subject to a ceiling of $6,000. The reduction will be reflected in the taxpayer's final tax payable for 2009-10. This proposal will cost the Government about $4.5 billion and benefit all 1.4 million taxpayers.

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Waive of Business Registration fee

Waiving the business registration fees for one year. This proposal will cost the Government about $1.8 billion.

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Waive of rates for 2010-11

Waiving rates for 2010-11, subject to a ceiling of $1,500 per quarter for each rateable property. It is estimated that about 90 per cent of domestic properties and 60 per cent of non-domestic properties will be subject to no rates in the year. This proposal will cost the Government approximately $8.6 billion.

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Raise stamp duty on properties valued over $20 million

Raise stamp duty on transactions of properties valued over $20 million from 3.75% to 4.25%. Buyers will not be allowed to defer stamp duty payment.

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Additional $50,000 Grant on Patent Application

Extend profits tax deductions to cover the purchase of registered trademarks, copyrights and registered designs.

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The Patent Application Grant under the Innovation and Technology Fund provides funding support to Hong Kong companies and inventors in their first patent applications. Government will raise the grant ceiling for each case from $100,000 to $150,000. The expenditure ceiling in respect of patent applications in R&D projects funded by the Innovation and Technology Fund will also be raised to $150,000 correspondingly.

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100% tax deduction on environment-friendly commercial vehicles

Enterprises can enjoy a 100 per cent profits tax deduction in order to encourage the business sector to purchase more electric vehicles, hybrid vehicles and other environment-friendly commercial vehicles.

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