The Hong Kong Institute of Certified Public Accountants (HKICPA) has announced its tax policy and budget proposals for the 2023-24 year, and the theme is designed as “Reconnect and Renew” there are three topics that HKICPA would like to focus on, they are reinforcing Hong Kong’s international status and competitiveness, making Hong Kong a more liveable city and community measures and measures to help achieve carbon neutrality and sustainability goals. These suggestions are focused on the government’s social responsibility, which suggests the government provide subsidies for international businesses and individuals to overcome the challenges gained from the pandemic disease. Such as increasing the maximum tax deduction for qualifying premiums paid under the Voluntary Health Insurance Scheme from HK$8,000 to HK$12,000, and that consideration is given to extending the scope of the scheme to other kinds of programmes, such as outpatient services and providing electricity subsidies since the recent electricity price rises. Besides, HKICPA urges Hong Kong to promote energy conservation and to take the necessary steps to achieve carbon neutrality by 2050. HKICPA think the suggestion could enhance Hong Kong’s competitiveness and attract overseas investment and talent to invest in Hong Kong.
Resource: https://www.hkicpa.org.hk/en/News/News Release/20230119_Budget-Proposals-2023-24