Gazettal of Rating (Exemption) Order 2021 and Revenue (Reduction of Business Registration Fees and Branch Registration Fees) Order 2021
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The 2021-22 Budget has proposed to waive rates for four quarters of 2021-22. For domestic tenements, the concession ceiling is $1,500 per tenement per quarter for the first two quarters, and $1,000 per tenement per quarter for the remaining two quarters. The ceiling for non-domestic tenements is $5,000 per tenement per quarter for the first two quarters, and $2,000 per tenement per quarter for the remaining two quarters. The proposed rates concession will benefit about 3.38 million properties, leading to revenue forgone of about $15 billion.
In addition, the Budget has proposed to waive the business registration fees and branch registration fees for 2021-22 to reduce the operating cost of business amidst the unfavourable economic circumstances. The proposed waiver will benefit 1.5 million business operators, with revenue forgone of $3 billion.
The two orders will be tabled at the Legislative Council for negative vetting on March 17.
Ends/Wednesday, March 3, 2021
Issued at HKT 12:00
Issued at HKT 12:00
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