Rental housing operating account capital expenditure appendix c1. The early career scheme ecs was first introduced by the ugc last year. The term of the session is from 1 october 2012 to 30 september 2016, during the term in office of the chief executive leung chunying. The hong kong mass transit railway, the primary means of public transport in hong kong has been inspected during the mid 1980s. Cityu 2014 general research fund and early career scheme. The government has made room in the budget through targeted savings to ensure these reforms are fully funded in the long term. Cityu 20 14 general research fund and early career scheme results continued on next page the research grants council rgc recently announced the results of the 20 14 general research fund grf and early career scheme ecs funding allocation exercise. Director of health head 37 department of health reply serial no. Revised estimates for 2014 149 150 estimates for 201415 151 159 medium range forecast 160 161 concluding remarks 162 168 this speech, together with the supplement and appendices relating to the 201415 budget, is available at. Conpak issues this summary with the purpose of introducing key areas of work and changes of tax policies for the coming year as set out in the budget by the government. Hong kong tax facts and figures the information in this booklet is based on taxation laws and practices as of 25 february 2015 and incorporates legislative proposals and measures contained in the 201516 hong kong budget announced on the same date. Profits tax for 2012 to be reduced by 75 percent subject to a ceiling of hkd 10,000. Profits tax the profits tax rates for companies and unincorporated businesses for year of.
The bill seeks to give effect to the proposal in the 20 14 budget that the profits tax on the offshore insurance business of captive. Memorandum for the subsidised housing committee of the hong. Hong kong the 201516 budget the financial secretary delivered the 201516 budget on 25 february 2015. Budget speech various years and hong kong monetary authority. Radio television hong kong performance pledge 20 14 page 5 of 7 the performance targets of the new media in 2014 are as follows. Kpmg forecasts a hk budget surplus of hkd14 billio. In 2014, the hktbs meetings and exhibitions hong kong mehk office actively strengthened ties with some of the worlds most established associations, through which we promote hong kong as an ideal. This article highlights the budget s major proposed changes. The budget proposals will need approval by the legislative council before taking effect. Hkd billion percent of fiscal year gdp budget speech estimates of total stimulus, relief and investment measures 80 4 key. The mission of the office of the government chief information officer ogcio under this programme is to. A paper on limited partnership for private equity funds. Financial secretary mr john tsang delivered his sixth hong kong budget for the year 2014 on 27 february 20. The hong kong financial secretary first mentioned the proposed provision of a legal framework for introducing an ofcs structure in hong kong in his 2014 budget speech.
Examination of estimates of expenditure 2014 reply serial no. The surplus is largely driven by increased revenues from land sales, tax collections, stamp duties and a greater. Highlights of the revenue proposals in the 2014 budget. Global mobility managers should consider the budgets potential impact on assignee populations in hong kong. As announced in the last budget, the hong kong government is proposing to. Hkiods recommendations for government budget 2014 the hong kong institute of directors hkiod is pleased to submit its views on the government budget for the 2014 year. Fiscal policy and budget to meet hong kong needs if the policy address is blue print in hand, it is now a matter of implementation. Our financial secretary, mr john tsang, delivered his sixth budget on 27 february 20 against the backdrop of continued deteriorating external environment of us fiscal cliffeuropean. Profits tax exemption for offshore funds extended to. The measures proposed in the budget, including those oneoff relief measures, are summarised below. Chapter 6fiscal measures adopted in other economies. Budget commentary forum 2014 how will the budget affect. Singapore announced its budget in the same week as hong kong. Progress that has been made towards these commitments in the 2014 fiscal year includes.
Maintenance cost of chiller plants in hong kong request pdf. Urges the government to stimulate the work force to reduce ageing population pressure. The budget is designed to develop hong kongs economy through the pillar industries financial services, logistics, tourism and professional services, and at the same time, to provide a better social and economic environment for its population. Estimates for 2014 152 155 medium range forecast 156 concluding remarks 157 163 this speech, together with the supplement and appendices relating to the 2014 budget, is available at. The budget deficit also increases during recessions, as government spending increases. Appendix for press release kpmg forecasts a hk budget surplus. Highlight of financial indicators in hong kong economic outlook is cautiously optimistic. Summary of 20 budget measures policy changes pdf irish version pdf taxation annexes to the summary of 20 budget measures pdf economic and fiscal outlook 20 pdf. The hong kong economy grew modestly in the first three quarters of. Memorandum for the finance committee of the hong kong. The hong kong sar government is set to record a consolidated budget surplus of hkd14 billion for the fiscal year 2014, against a deficit of hkd 4. The hong kong economy has seen only a tepid growth in 2012. Memorandum for the finance committee of the hong kong housing. John c tsang, delivered the 2014 budget speech on 27 february 20, which is his sixth, proposing the governments revenue and expenditure for the year 2012.
Click here to download the complete set of the 201415 budget for offline reading. This is the sixth budget prepared by john tsang, but the first. Recognising this weakness, the hong kong government proposed in its 2014 budget to extend the profits tax exemption to include transactions in private companies, which are incorporated or registered outside hong kong and do not hold any hong kong properties nor carry out any business in hong kong. A waiver of rates for 2014 capped at hkd 1,500 per quarter. This was referenced subsequently in both the 201415 and 201516 budget speeches. Implications for the real estate market the governments intention to increase the land supply was the key message for the real estate market in the 20 14 budget, which was announced by the financial secretary, mr john tsang, on 27 february 20.
Download the full publication of hong kong 2014 budget insights pdf, 651. The budget addresses several areas which can be broadly classified as follows. Highlights of the revenue proposals in the 201415 budget. In detail 201415 hong kong salaries tax rates the salaries tax rates for year of assessment 201415 will be the same as those for 2014. The 20162017 budget research march 2016 brief legco. John tsang chunwah, delivered the 2014 budget on 27 february 20. The membership of the legco is based on the 2012 election. Australia international median hong kong top ranked year 4 students. Synopsis paper tax and avoidance on private in the 14 budget. Business registration fees for 20 14 are to be waived.
Budget 20 financial statement by the minister for finance. Due to the new arrangements agreed in a contentious. Summary of 20 budget measures policy changes pdf irish version pdf taxation annexes to the summary of 20 budget measures pdf. The 2014 budget is the first budget for the new government. The difference between headcount and fte reflects growth in shortterm. A waiver of rates for 20 14 capped at hkd 1,500 per quarter. Hong kong budget 2014 kpmgs commentary in the 2014 budget, the financial secretary forecasts a consolidated budget surplus of hkd 64. Appendix for press release kpmg forecasts a hk budget. They noted that the budget process had become more forwardlooking in recent years and that the 2014 budget for which the consultation process has started would take into consideration the downside external risks. Kong s position as a premier international asset management centre, the hong kong financial secretary announced in his 2014 budget to consult the fund industry on the legislative amendments to the existing offshore fund exemption regime, which extends the exemption to pe. Home ownership assistance operating account 2014 revised budget and 201415 proposed budget. Hong kong island kowloon new territories east new territories west islands b number of pregnant women attending antenatal service. More recently those seeking asylum or protection based on torture claims are a fast growing part of the citys population, increasing since 2004 due to changes in the legal system for considering asylum and torture claims mandated. In his 20142015 budget, the financial secretary has proposed to reduce.
According to aecom and tea, hong kong disneyland is the th most visited theme park in the world in 20, with 7. Legislative council secretariat fs1912 research office page 6 references 1. Hong kong budget summary 20 2014 hong kong budget summary 20 2014. Upon declassification, the paper will be made available to the public at the ha homepage, the departments library and through the departmental access to information officer. Financial statement online financial statement pdf budget publications. On 17 january 20, mazars submitted its proposals to the financial secretary of hong kong.
Hong kong sar stage of development factor driven efficiency driven innovation driven 1 transition 12 2 transition 2 3 3 hong kong sar innovationdriven economies 05 10 15 20 25 30 10,000 20,000 30,000 40,000 50,000 60,000 1990 1992 19961994 1998 2000 2002 20062004 2008 2010 2012 institutions infrastructure macroeconomic environment health. The fifth legislative council of hong kong is the former meeting of the legislative branch of the hong kong special administrative region government. Legislative council panel on financial affairs securities and futures. Click here to download the complete set of the 2014 budget for offline reading. The financial secretary for the hong kong special administrative region, mr john tsang chunwah, delivered the 201415 hong kong budget the budget on 26 february 2014.
Synopsis paper proposing tax exemptions and antiavoidance measures on private equity funds in the 2014 budget background 1. Hong kong budget summary 2014 the financial secretary, the hon john c tsang, presented his sixth budget for the year 2014 to the legislative council on 27 february 20. It was found that repairs are needed to be carried out in certain. Budgetary criteria 7 article 107 of the basic law stipulates that the hong kong special administrative region shall follow the principle of keeping expenditure within the limits of revenues in drawing up its budget, and strive to achieve a fiscal. The governments digital 21 strategy sets out five action areas to sustain hong kong s position as asias leading. Ho chunyan, albert medical and dental treatment for. Ho chunyan, albert medical and dental treatment for civil servants csb034 44 hon. Key budget assumptions, budgetary criteria and projections. Hong kongs actual gross domestic product gdp growth for 2012 was 1.