The Government of Hong Kong Will Be Distributing Vouchers Worth $5000 in Two Batches The Government of Hong Kong will distribute consumption vouchers worth $5000 in two installments. Announcing the scheme under the second phase of the 2022 Consumption Voucher Scheme, the Financial Secretary addressed the progression of the scheme in a press conference. The…
Buffer for HK Businesses with the Tenant Protection Act Tenant protection act comes into effect, offering three months’ protection. The Hong Kong Government is providing a three-month protection period for business tenants with its tenant protection act. The Temporary Protection Measures for Business Tenants (COVID-19 Pandemic) Ordinance took effect on May 1, 2022. The ordinance…
Hong Kong’s New Regulatory Regime for the Accounting Profession Gazetting of subsidiary legislation to bring change to HK’s accounting profession. The Hong Kong Government is introducing new legislative measures by gazetting several subsidiary legislations. These amendments and ordinances will change HK’s accounting profession by establishing a new regulatory regime. They aim to ensure the profession’s…
Relief Grants Granted to Shops Located in Government Venues in Hong Kong Shops based in government venues in Hong Kong will be happy to hear they are set to receive a one-off relief grant. The relief grants will be given to fast food kiosks and light refreshment operators. Retail outlets will also be eligible for…
Hong Kong’s Legislative Council Endorses Tax Concessions The Legislative Council (LegCo) in Hong Kong has approved the proposed tax concessions that were in the 2022-23 Budget. This is a move that is welcomed by the Government because of the benefits that will ensue. Among these benefits include a reduction in personal tax assessment, salary tax,…
Hong Kong Economic Resilience Proven As Retail Sales Rose 4.1% in January Proof of Hong Kong’s economic resilience is evident as retail sales in January rose by 4.1%. This is in comparison to the same month of the previous year. Provisional estimates place the rise at $33.9 billion. Online sales account for 9% of the…
Consumption Voucher Scheme Applicants to Receive $5k Voucher in April All those who registered for the Consumption Voucher Scheme in April last year will receive their first $5,000 voucher come April. The voucher will be distributed to the 6.3 million people who registered last year. This will be sent to their registered stored value facility…
Hong Kong’s 2021 Economy Grows with an Overall Rise of 6.4% HK economy grows, indicating a reversal of the previous two years of decline. Hong Kong’s Census & Statistics Department’s recent publication of advance estimates indicates quite a positive outlook. HK’s 2021 year-on-year 4.8% fourth-quarter growth sets the pace along with a 6.4% overall rise.…
HK Government Seeks Committee Approval to Inject $27 Billion Into Virus Relief Fund Hong Kong’s Anti-Epidemic Fund (AEF) may be in for a significant monetary boost. The HK Government is seeking approval for a $27 billion financial infusion proposal. Upon approval from the Legislative Council Finance Committee, the AEF will support a significant number of…
Fifth Round of Anti-Epidemic Fund Measures in Hong Kong Totals $3.57 Billion As of January 14, the Hong Kong government announced measures for the fifth phase of the Anti-epidemic Fund. The government is allocating approximately $3,570 million in total funds. With effect from January 7, the government reinforced social separation restrictions in response to the…
