Video commentary and analysis
Paving for economic rebound, revitalising core strengths
This year’s Budget position is a better than expected outcome. We look forward to seeing the government commit and act on new and existing initiatives for Financial Services, Innovation & Technology, ESG and other industries.
Charles Lee, South China (incl. Hong Kong SAR) Tax Leader, PwC China
Paving for economic rebound, revitalising core strengths
Implementing anti-epidemic relief measures is top priority
Implementing anti-epidemic relief measures is top priority
To revitalise Hong Kong’s economy amid the Omicron outbreak, we believe the HK$10,000 consumption voucher scheme and a new injection of funding into the sixth round of Anti-epidemic Fund would create a stronger and more lasting boost to the local economy.
Agnes Wong, Tax Partner, PwC Hong Kong
Increase tax competitiveness to enhance international status
With this year’s Budget, Hong Kong is committed to support family office and maritime enterprises by the proposed tax concessions and half-tax concession. We hope the government could consider broader non-tax alternatives to attract greater foreign investment.
Kenneth Wong, Tax Partner, PwC Hong Kong
Increase tax competitiveness to enhance international status
Our voices from industry leaders on revitalising economy
Our voices from industry leaders on revitalising economy
- Innovation and technology - Wilson Chow, PwC Global TMT Industry Leader
- Consumption vouchers - Michael Cheng, PwC Asia Pacific, Mainland China and Hong Kong Consumer Markets Leader
- Family office business - Rex Ho, PwC Asia Pacific Financial Services Tax Leader
- Digitalisation - Loretta Fong, PwC Hong Kong Telecommunications Leader
- Green economy - Sammie Leung, PwC Mainland China and Hong Kong ESG Services Partner
- Lantau Tomorrow and Northern Metropolis – Simon Booker, PwC Hong Kong Capital Projects and Infrastructure Lead Partner
- Public sector - Albert Wong, PwC Hong Kong Public Sector Consulting Partner
- New Territories North Modern Services Centre and CBD4 – Roy Chan, PwC Hong Kong Capital Projects and Infrastructure Partner
- Aviation - Johnny Lau, PwC Hong Kong Aviation Business Services Chief Consultant
Time to commit and act: Revitalise Hong Kong’s economy
Hong Kong’s economy remains uncertain due to the recent Omicron outbreak despite a strong growth in exports and the effect of the Consumption Voucher scheme. PwC recommends the Government to relieve individuals’ financial burden through increasing the Anti-epidemic Fund, rerunning the Consumption Voucher Scheme and increasing income tax relief measures.
Agnes Wong, Tax Partner, PwC Hong Kong
Time to commit and act: Revitalise Hong Kong’s economy
Facilitate economic integration between Hong Kong and GBA
Facilitate economic integration between Hong Kong and the Greater Bay Area (GBA)
For encouraging Hong Kong businesses to expand into the GBA, PwC urges the Government to allow tax depreciation allowances and/or deductions for fixed assets and intellectual property used, and for research and development activities undertaken by Hong Kong companies in the area. We also suggest the Government to introduce GBA-friendly tax measures under the GBA Youth Employment Scheme for attracting diverse talent and creating career opportunities for Hong Kong graduates.
Kenneth Wong, Tax Partner, PwC Hong Kong
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2022/23 Hong Kong Budget