This year's Budget focuses on stabilising the economy and relieving people's burden. It aims to alleviate the hardship and pressure caused by the economic downturn and the epidemic through the introduction of counter-cyclical measures costing over HKD 120 billion.
In Hong Kong 2019-20 Budget, the Financial Secretary proposed a waiver of 2019/20 business registration fees of HKD 2,000.
An arrangement between the Mainland and Hong Kong for conducting automatic exchange of financial account information in tax matters ("AEOI") came into effect on 6th September 2018.
The profits tax rate for the first HKD 2 million of profits of corporations will be lowered to 8.25%.
Hong Kong companies are required to obtain and maintain up-to-date beneficial ownership information through keeping a SCR with effective from 1 March 2018 for internal records and inspection by law enforcement officers upon demand.