2018/19 HKSAR Budget Commentary. Sarah Chan / Alfred Chan March 1, 2018

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1 2018/19 HKSAR Budget Commentary Sarah Chan / Alfred Chan March 1, 2018

2 Contents Statistics in 2018/19 Budget Relief Measures for Individuals Relief Measures for Businesses Overall Comments Tax Tips For information, contact Deloitte China. 2

3 Statistics in 2018/19 Budget For information, contact Deloitte China. 3

4 Statistics on 2017/18 Deloitte s estimated consolidated surplus: HK$158.0B Revised estimated consolidated surplus by Financial Secretary: HK$138.0B (estimate in Feb 2017: HK$16.3B surplus) Main reasons for the difference: HK$ (B) a) Increase in stamp duties 40.0 b) Increase in land sale 63.0 c) Decrease in government expenditure 17.0 Accumulated fiscal reserve estimated as of March 2018: HK$1,092.0B For information, contact Deloitte China. 4

5 2018/19 Consolidated Surplus Deloitte s estimated consolidated surplus: HK$83.0B FS s estimated consolidated surplus: HK$46.6B Main reasons for the change from HK$158.0B (2017/18) to HK$83.0B (2018/19): HK$ (B) a) Decrease in land sale 30.0 b) Increase in government expenditure For information, contact Deloitte China. 5

6 Economic Performance and Forecast Performance of 2017/18 and 2018/19 Growth in GDP (Real terms) (%) 2017/18 FS s original Budget (estimated in Feb 2017) 2017/18 Current estimate (Feb 2018) 2018/19 Current estimate (Feb 2018) GDP Deflator (%) Growth in GDP (Nominal terms) (%) Consolidated Surplus/(Deficit) (HK$B) Fiscal Reserves (HK$B) , ,138.6 As number of months of Government expenditure Sources: 2017/18 Budget & 2018/19 Budget For information, contact Deloitte China. 6

7 Economic Performance and Forecast (con t) Forecast of Growth in GDP (Real terms) (%) 3 4 % 3% 3% 3% 3% GDP Deflator (%) 2.5% 2% 2% 2% 2% Growth in GDP (Nominal terms) (%) % 5% 5% 5% 5% Source: 2018/19 Budget For information, contact Deloitte China. 7

8 Economic Performance and Forecast (con t) Government s Plan on Fiscal Balance 2017/18 HK$B (Revised estimate) 2018/19 HK$B 2019/20 HK$B 2020/21 HK$B 2021/22 HK$B 2022/23 HK$B Operating surplus/(deficit) after investment income Capital financing surplus/(deficit) after bond repayment Consolidated surplus/(deficit) after bond repayment Fiscal reserves after bond repayment - as a percentage of GDP Public expenditure - as a percentage of GDP (0.9) , , , , , , % 40.3% 39.9% 38.5% 36.8% 35.6% 19.3% 21.2% 21.2% 21.3% 21.8% 21.7% Source: 2018/19 Budget For information, contact Deloitte China. 8

9 Economic Performance and Forecast (con t) Government s Plan on Fiscal Balance (con t) Source: 2018/19 Budget For information, contact Deloitte China. 9

10 Economic Performance and Forecast (con t) Source of government s revenue for 2017/18 Total revenue HK$612.4B Land premium HK$163.6B (27%) Others HK$356.1B (58%) Stamp duties HK$92.7B (15%) Comments: Is the government s revenue too rely on land premium and stamp duties? Source: 2018/19 Budget For information, contact Deloitte China. 10

11 Relief Measures for Individuals For information, contact Deloitte China. 11

12 Relief Measures for Individuals - For Salaries Tax Taxpayers Allow married persons the option to elect personal assessment separately, starting from the year of assessment 2018/19 Provide a tax deduction of qualified premium for taxpayers who purchase eligible health insurance products for themselves or their dependents under the Voluntary Health Insurance Scheme, at the ceiling of HK$8,000 per insured person Tax concession for costs in buying deferred annuity products and voluntary contribution to MPF - Other measures Waive rates for four quarters of 2018/19, subject to a ceiling of HK$2,500 per quarter for each rateable tenement Provide a one-off grant of HK$2,000 to each student in need to support learning Pay examination fees for candidates sitting for the 2019 Hong Kong Diploma of Secondary Education Examination For information, contact Deloitte China. 12

13 Relief Measures for Individuals Personal Allowances and Deduction 2017/18 (HK$) 2018/19 1 (HK$) Basic Allowance 132, ,000 Married Person s Allowance 264, ,000 Single Parent Allowance 132, ,000 Child Allowance (1 st to 9 th child) - Year of birth - Other years Dependent Parent/Grandparent - Aged 60 or above Basic Additional allowance (for living with the taxpayer) - Aged 55 to 59 Basic Additional allowance (for living with the taxpayer) 200, ,000 46,000 46,000 23,000 23, , ,000 50,000 50,000 25,000 25,000 Dependent Brother/Sister Allowance 37,500 37,500 Disabled Dependant Allowance 75,000 75,000 Single Parent Allowance 132, ,000 Personal Disability Allowance Nil 75,000 Self-Education Expenses 100, ,000 Home Loan Interest Deduction 100, ,000 Elderly Residential Care Expenses 92, ,000 Contributions to Recognized Retirement Schemes 18,000 18, For information, contact Deloitte China. 13 Note 1 : Legislative amendments are required

14 Relief Measures for Individuals Tax reduction and Refreshed Progressive Salaries Tax Scale The ceiling for 75% salaries tax reduction will increase from HK$20,000 to HK$30,000 for 2017/18. Illustration 2017/18 Net Chargeable Income Rate Tax On the first HK$45,000 2% 900 On the next HK$45,000 7% 3,150 On the next HK$45,000 12% 5,400 Remainder 17% 2018/19 1 Net Chargeable Income Rate Tax On the first HK$50,000 2% 1,000 On the next HK$50,000 6% 3,000 On the next HK$50,000 10% 5,000 On the next HK$50,000 14% 7,000 Remainder 17% Note 1 : Legislative amendments are required HK$9,450 (Income HK$135,000) x 17% HK$16,000 (Income HK$200,000) x 17% Tax reduction if income exceeds HK$200,000 65,000 x 17%: 11,050 Add: 9,450 9,450 Tax (old scale) 20,500 Tax (new scale) (16,000) Saving 4, For information, contact Deloitte China. 14

15 Personal assessment can be elected by husband & wife separately Illustration Husband earns salary of HK$700,000 (taxed at progressive rates up to 17%) Wife earns rental income of HK$480,000, and incurs mortgage loan interest of HK$80,000 To claim deduction of mortgage interest, personal assessment needs to be elected Personal assessment on joint basis Personal assessment on individual basis Without PA Salaries tax for Husband with Married Person s Allowance 56,120 Without PA Salaries tax for Husband with Married Person s Allowance 56,120 Property tax for Wife 57,600 Property tax for Wife 57, , ,720 With PA PA for Husband & Wife 107,800 With PA for Wife Salaries tax for Husband with Basic Allowance 78,560 PA for Wife 12,080 Tax reduced by 15.9% 90, For information, contact Deloitte China. 15

16 Relief Measures for Individuals (con t) Comments: 1. Generous or cautious? 2. Sufficient tax measures? 3. Anything missing? For information, contact Deloitte China. 16

17 Relief Measures for Businesses For information, contact Deloitte China. 17

18 Relief Measures for Businesses - Profits Tax Taxpayers in general Reduce Profits Tax for 2017/18 by 75%, capped at HK$30K (2016/17: capped at HK$20K) Full deduction of capital expenditure incurred in procuring eligible energy efficient building installations and renewable energy devices, instead of deduction over a period of 5 years in equal instalments Continue to waive in full the First Registration Tax for electric commercial vehicles, electric motor cycles and electric motor tricycles until 31 March 2021 One-for-one replacement scheme For information, contact Deloitte China. 18

19 Relief Measures for Businesses (con t) - Innovation and Technology (I&T) Industry Inject HK$500 billion to support I&T related development: Infrastructure in HK-SZ I&T Park HK$10 billion into Innovation and Technology Fund HK$10 billion to the Hong Kong Science and Technology Parks Corporation to enhance support for its tenants and incubates HK$200 million to Cyberport to enhance the support for start-ups, promote development of digital technology ecosystem and e-sports Technology Talent Scheme Postdoctoral Hub programme Tax deduction: 300% deduction for 1 st HK$2 million qualified R&D expenditure; 200% deduction for the remainder For information, contact Deloitte China. 19

20 Relief Measures on Businesses (con t) - Financial Services and Fund Industry Set aside HK$500 billion to support development in the next five years Three-year Pilot Bond Grant Scheme to attract local, Mainland China and overseas enterprises to issue bonds in Hong Kong Continue to encourage issue of Silver Bond and Green Bond Explore possibility of including a wider range of investment products in the 2-way mutual access mechanism between Hong Kong and the Mainland China Expand the types of qualified debt instruments which can enjoy the concessionary tax exemption on interest income and trading profits Provide a more facilitating tax environment for fund industry: tax exemption arrangement for open-ended fund companies can commence operation later this year Corporate Treasury Centres: explore to extend the coverage of profits tax concession to their onshore associated corporations For information, contact Deloitte China. 20

21 Relief Measures for Businesses (con t) - Trading & Logistics Enhance business and trading network through different types of trade agreements (FTA, IPPA, CEPA) and Comprehensive Avoidance of Double Taxation Agreements - Tourism Development Bluprint programme to attract high value visitors and improve service quality - Small & Medium Sized Enterprises Provide supports through dedicated funds and HKTDC - Construction I&T; to enhance productivity, built quality, environmental performance and site safety For information, contact Deloitte China. 21

22 Relief Measures for Businesses (con t) Comments: 1. Diversified or Focused? 2. Sufficient tax incentive? 3. Anything missing? For information, contact Deloitte China. 22

23 Overall Comments For information, contact Deloitte China. 23

24 Overall Comments Businesses Welcome a holistic approach to utilize the surplus and allocate more resources to enhance diversified economic development, care and share with the community and invest for the future Concur with the government s approach to leverage and seize the opportunities created from Belt-and- Road and Guangdong-HK-Macao Bay Area initiatives Are pleased with the support in reinforcing Hong Kong s status as: Global hub for off-shore Renminbi (RMB) business International asset management centre Centre for international legal and dispute resolution services in the Asia-Pacific region Developing the Innovation & Technology (I&T) industry Call for introducing tax incentives to regional headquarters was not heard More tax incentives for I&T industry can be introduced, e.g., income exemption For information, contact Deloitte China. 24

25 Overall Comments People Welcome relieving tax burden on individuals In addition to increasing the quantum of a number of allowances, new measures include: Applaud caring and sharing with different people in the community: Increase the number of tax bands from four to five Introduce Personal Disability Allowance Allow separate election of personal assessment for married persons Students in need Elderly Calls for tax relief to help first time home buyer and ease the high cost of living (mortgage and rent deduction) are not addressed For information, contact Deloitte China. 25

26 Tax Tips For information, contact Deloitte China. 26

27 Tax Tips Businesses Two-tier profits tax rate Application for holdover of 2018/19 provisional profits tax Only one entity can be nominated to enjoy the two-tier regime Transfer pricing regulation TP documents for related party transactions should be ready for submission to the IRD in 2019 R&D expenditure super deduction The government proposed 300% tax deduction for the first $2 million R&D expenditure; 200% for the remainder Detailed rule to be announced For information, contact Deloitte China. 27

28 Tax Tips Individuals Widened marginal bands for salaries tax 2017/18 From HK$40,000 to HK$45,000 Common Reporting Standard An account holder is required to make self-certification of tax resident status when opening bank accounts False certification may lead to an offence and is liable to a fine of HK$10,000 Stamp duties on residential property Ad valorem stamp duty (AVD) is increased to a flat rate of 15% for residential property transactions on or after 5 November 2016 The period for change of residential property is extended from 6 months to 12 months for partial refund of excessive AVD paid For information, contact Deloitte China. 28

29 Speakers Sarah Chan Tax Partner Deloitte China Tel.: Alfred Chan Tax Director Deloitte China Tel.: For information, contact Deloitte China. 29

30 About Deloitte Global Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ( DTTL ), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as Deloitte Global ) does not provide services to clients. Please see to learn more about our global network of member firms. Deloitte provides audit & assurance, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves nearly 80 percent of the Fortune Global 500 companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and high-quality service to address clients most complex business challenges. To learn more about how Deloitte s approximately 263,900 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter. About Deloitte China The Deloitte brand first came to China in 1917 when a Deloitte office was opened in Shanghai. Now the Deloitte China network of firms, backed by the global Deloitte network, deliver a full range of audit & assurance, consulting, financial advisory, risk advisory and tax services to local, multinational and growth enterprise clients in China. We have considerable experience in China and have been a significant contributor to the development of China's accounting standards, taxation system and local professional accountants. To learn more about how Deloitte makes an impact that matters in the China marketplace, please connect with our Deloitte China social media platforms via www2.deloitte.com/cn/en/socialmedia. This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively the Deloitte Network ) is by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this communication For information, contact Deloitte China.

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