Tuesday, 13 March 2012

Hong Kong Updates - Budget Highlights

Budget (1st February). Highlights were as follows:
- To waive property rates for 2012/13.
- To increase personal tax allowances.
- (Possible) abolition of capital duty
- Waiver of the annual and a waiver of the annual business registration fee of USD 315 for the year 2012-2013.

All of this of course makes Hong Kong an even more attractive place to invest or to work.

New legislation: the Pyramid Schemes Prohibition Ordinance (Cap. 617). This Ordinance, which replaces Cap. 355, makes pyramid selling, as newly defined, illegal and a criminal offence. A pyramid scheme is now defined as one in which new participants must provide a payment (not necessarly cash) that is entirely or substantially induced by the possibility that they will be entitled to receive a benefit that is (in turn) entirely or substantially derived from the (further) introduction of new participants. The definition now includes services whereas previously only goods were covered.

Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!
Need more information?
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John Barclay -Email
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Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

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