Budget 2019 -20 - www.budget.gov.hk/ 2019/eng/mobile.html
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2019-20
Budget
Highlights
www.budget.gov.hk/
2019/eng/mobile.html
Investment Income Environment and Food
$47.9B $33.5B 9.0 %
Recurrent
expenditure
Economic $441B
Salaries Tax
$38.5B
$66.6B Security
Stamp Duties
$56.8B
$76B Infrastructure
$79.1B
Other Revenue Health
$133B $88.6B
Total Government Total Government
Revenue Expenditure
$626.1B $607.8B
Others
(including community
Land Premium and external affairs)
$143B $90.1B
Social Welfare
Profits Tax
$159.6B $97.2B
Education
$124B
Economy
GDP Headline Underlying
Growth Inflation Inflation
2018
Performance 3% 2.4% 2.6%
2019
Forecast 2%-3% 2.5% 2.5%
Relieve people’s burden • Provide a one-off grant of
$2,500 to each
• Reduce salaries tax and tax under student in need
personal assessment for Year of
Assessment 2018-19 by 75 ,
• Pay the examination
fees for school
subject to a ceiling of
candidates sitting for
the 2020 Hong Kong
DSE Examination
• Reduce profits tax for Year of
Assessment 2018-19 by 75 ,
subject to a ceiling of
Support enterprises
• Waive the business registration
fees for 2019-20
• Waive rates for quarters of 2019-20, subject to
• Regularise the Technology
a ceiling of per quarter for each
Voucher Programme and double
rateable property
the funding ceiling for enterprises to
• Provide an extra month allowance to recipients • Inject billion into the Dedicated Fund on Branding,
of CSSA, Old Age Allowance, Old Age Living Upgrading and Domestic Sales, extend its geographical scope
Allowance or Disability Allowance; similar and increase the funding ceiling for enterprises
arrangements will apply to Working Family
Allowance and Work Incentive Transport • Extend the application period of the special
Subsidy concessionary measures under the SME
Financing Guarantee Scheme to end June
2020
• Provide a one-off additional
worth of Elderly Health Care Vouchers, and • Expand the networks of Free Trade
increase the accumulation limit of Agreement, Investment Promotion and
vouchers to $8,000 Protection Agreement, and Comprehensive
Avoidance of Double Taxation Agreement
• Expand the Economic and Trade Office
network to strengthen external promotion
and assist Hong Kong enterprises in
exploring new business opportunities
• Public Housing: estimated
production for the next 5 years
is about units
• Private Housing: projected supply of
first-hand private residential property
in the next 3-4 years is about
units
• Annual production of private residential
units in the next 5 years is estimated to
be about units on average
• Potential land supply for private housing in 2019-20 is expected to
have a capacity to produce about units
• 2019-20 Land Sale Programme includes
commercial/hotel sites, capable of
providing about square
meters of floor area
• Set aside billion to support
NGOs in constructing transitional
housing
• Set aside billion to implement
the first batch of government projects
under the “single site, multiple use”
initiative Designed by the Information Services Department
Printed by the Government Logistics Department
Hong Kong Special Administrative Region Government
(Printed with environmentally friendly ink on recycled paper)
Financial Services Industry Innovation and Technology Creative Construction Industry
• Issue the first batch of government green • Set aside $5.5 billion for the development Industries • Promote the digitisation of
• Inject $1 billion into
bonds to promote the development of of Cyberport 5 to accommodate more works supervision system
green finance technology companies and start-ups to enhance the standard
the Film Development
of and efficiency in public
• Consider establishing a • Set aside $16 billion for universities to Fund
works monitoring
limited partnership regime and enhance or refurbish campus facilities,
• Commence the works
introducing tax arrangement to in particular those for R&D • Implement Construction 2.0 to
for the Sham Shui Po
attract private equity funds to set improve productivity, quality, safety and
up and operate in Hong Kong • Inject$20 billion into the Research Endowment Fund of Design and Fashion
environmental impact
the Research Grants Council under the University Grants Project
• Promote mutual recognition of funds with other Committee to provide research funding • Upgrade the Project Cost Management
jurisdictions to broaden the distribution network Office under the Development Bureau
of local fund products • Establish two innovative clusters in the Science to strengthen cost management of
Park focusing on “A.I. and robotic technologies” public works projects
• Provide tax concessions for marine insurance and “healthcare technologies”, pooling top-notch
and underwriting of specialty risks, and universities and institutions to collaborate and • Earmark $40 million
facilitate them to issue insurance-linked undertake R&D activities for the first three years of
securities operation of the Centre of
• Launch the $2
billion Re-industrialisation Excellence for Major Project
• Promote the use of Faster Payment System for Funding Scheme in 2019 Leaders to enhance public
payment of government fees and charges officers’ capability in
• Expand the Corporate Venture Fund of
• Issue virtual bank licences
the Science Park to $200 million Professional delivering public works
projects
• Establish the Academy of Finance in mid-2019 to promote
• Allocate$800 million to support R&D
Services
financial leadership development
work and the realisation of R&D results • Allocate $150 million to International
• Provide a $400 million seed capital for by universities, key laboratories and engineering research centres support the development
the Financial Reporting Council and enable of an online international Transportation Centre
• Double the annual funding ceiling for each university under
it to waive levy in the first two years under dispute resolution platform
the Technology Start-up Support Scheme for Universities • Consider introducing tax and related
the new regulatory regime by NGOs
to $8 million measures to attract ship
finance companies to
• Increase the monthly allowance for researchers develop ship leasing
Tourism under the Researcher Programme to attract businesses in
Hong Kong
local graduates to join the I&T sector
• Allocate $353 million for the continued
implementation of the Development • Extend the funding period under the Researcher • Provide a 50%
Blueprint for Hong Kong’s Tourism Industry Programme and the Postdoctoral Hub Programme profits tax concession to
marine insurance businesses
Healthcare Sports Environmental
• Earmark $10 billion as a Public Healthcare • Inject $250 million into the protection
• Allocate $120 million
Stabilisation Fund to ensure stable funding for Hong Kong Athletes Fund to support
public healthcare services and for coping with athletes in pursuing athletic training and
to extend the public
unexpected circumstances academic studies concurrently
charging network of
• Earmark $5 billion to expedite the upgrading and • Allocate around electric vehicles at
acquisition of medical equipment government car
$100 million in parks, and
• Provide $400 million additional recurrent the next two years to explore the
funding to expand the scope of the Drug Formulary support the operation feasibility
• Provide over $700 million additional recurrent of60 national sports of installing
funding for the Hospital Authority to implement associations chargers
measures to boost staff morale and retain talents in on-street
parking spaces
• Allocate$1.2 billion to establish the Hong Kong Genome Institute
$1
for promoting the application and development of genomic medicine Building the City • Provide billion for
government departments
• Continue to pursue two 10-year Hospital Development Plans, • Earmark $6 billion to install renewable energy
enhance training for healthcare manpower, and promote primary for the enhancement facilities
healthcare services of waterfront
Arts and Culture • Allocate$600 million Smart City
to refurbish 240 public toilets by phases
• Provide $176 million for hosting • Earmark $300 million
large-scale world-class arts programmes • Set up a $200 million to develop a geospatial
and strengthening district arts Urban Forestry Support data sharing platform and
activities in the next 5 years Fund to strengthen public 3D digital maps of the
education and promotion
• Allocate$20 million on tree care, enhance
whole territory
to support the digital the professionalism of • Assign and auction
conversion of film copies the arboriculture and spectrums by batches to
and film heritage horticulture sector, and prepare for the development
attract new blood of 5G
• Provide additional recurrent funding of
$54 million to support the operation
of art groups
• Allocate $20 billion to purchase
60 properties for providing over
130 welfare facilities
• Allocate $200 million from
the Lotteries Fund to provide
Wi-Fi service to welfare facilities,
and encourage them to make use
of technology products to enhance services
• Allocate$1.36 billion to provide 500 residential
care places and 300 subsidised day care places
for the elderly, and to launch a pilot scheme to
offer outreach services for private elderly homes
• Allocate $290 million funding to strengthen
rehabilitation services, including increasing service places,
support centres and relevant manpower
• Allocate $1.298 billion to enhance services
for toddlers, children and youths, including
increasing the number of school social workers
to two per secondary school
• Inject $150 million into the Enhancing Self-Reliance
Through District Partnership Programme
• Allocate $500 million to implement the
IT Innovation Lab in the coming 3 school years;
each aided secondary school will be granted
$1 million to help students to build
IT foundation
• Allocate $200 million to expand
the Apprenticeship Scheme for
the Construction Industry and
increase the allowances for
trainees, and encourage workers
to pursue further training
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