Hong Kong 2016-2017 Budget Delivered with a Focus on Supporting Businesses

On 24 February 2016, Hong Kong's Financial Secretary John C Tsang delivered the 2016-2017 Budget. The main features of the budget include:

• A 75% reduction in final profits tax for 2015-16, with a benefit cap of HKD 20,000;
• Measures to support SMEs, including:
  • Extending the SME Financing Guarantee Scheme to 28 February 2017;
  • Reducing the annual guarantee fee rate by 10%; and
  • Removing the minimum guarantee fee;
• A waiver of the business registration fees for 2016-17;
• A three-year Pilot Techno…