Hong Kong Lawmakers Support Incentive Plan But Question Five-Year Duration
South China Morning Post reports that while lawmakers support a proposed incentive plan, they contend that a five-year period is insufficient to encourage major innovative firms to set up headquarters or grow their operations within the city.
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According to the South China Morning Post, lawmakers have expressed support for a proposed incentive plan, although they maintain that five years is an inadequate timeframe to draw major innovative companies to establish their headquarters or broaden their activities in the city. During a recent policy address, Chief Executive John Lee Ka-chiu announced that the government intends to put forward a bill that would offer preferential profits tax rates of either 5 per cent or 8.25 per cent to selected innovative enterprises. This proposed rate would be half of the city's standard corporate tax rate of 16.5 per cent, and the incentive would be available for a duration of up to five years.
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