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.

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Primasia will post the updates of Hong Kong and China from time to time. Follow us on our Website/ Blogger/ LinkedIn and stay tunned for our updates!

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Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
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