Government welcomes passage of Rating (Amendment) Bill 2024
The Government welcomed the passage of the Rating (Amendment) Bill 2024 by the Legislative Council today (October 23). The Bill gives effect to the progressive rating system for domestic tenements, which will take effect from the fourth quarter of this financial year (i.e. January to March 2025), to uphold the principle of "affordable users pay".
Starting from the fourth quarter of this financial year, for domestic tenements with a rateable value (RV) of $550,000 or below, rates will continue to be charged at 5 per cent of the RV. For domestic tenements with an RV exceeding $550,000, rates will be charged at the same rate of 5 per cent for the first $550,000, 8 per cent for the next $250,000, and 12 per cent for the remaining RV.
Non-domestic tenements, including tenements used for business activities or social services, e.g. commercial building, industrial building, shop, hotel, nursery, home for the elderly, youth hostel, holiday camp, etc, will not be subject to the progressive rating system.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The progressive rating system endeavours to strike a balance between upholding the 'affordable users pay' principle and minimising the number of ratepayers affected. In formulating the progressive rating system, the Government has taken into account a basket of factors, including the affordability of ratepayers of domestic tenements, the market rentals as reflected in the RV, the number of affected ratepayers and the amount of additional rates to be paid, the estimated increase in revenue from rates, as well as the fundamental principle of maintaining a simple rating system. The progressive rating system is part of the Government's comprehensive fiscal consolidation programme. It is expected that government revenue will increase by about $820 million each year. The affected domestic tenements account for about 1.9 per cent of the total number of private domestic tenements in Hong Kong."
The Bill will be gazetted on November 1. The Rating and Valuation Department will inform the affected ratepayers. The quarterly demands to be issued in the fourth quarter of this financial year will reflect the progressive rates for applicable cases.
SCMA visits Hungary to promote development opportunities in GBA
The Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai, and the Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area, Ms Maisie Chan, are currently on duty visit to Hungary to promote the development opportunities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
Mr Tsang arrived in Budapest, Hungary on May 15 (Hungary time) and called on the Chinese Ambassador to Hungary, Mr Gong Tao. Today (May 16) he met with the State Secretary for Bilateral Relations at the Ministry of Foreign Affairs and Trade of Hungary, Ms Boglárka Illés, and Deputy Speaker of the National Assembly of Hungary Dr Lajos Oláh, to share views on issues relating to the promotion of exchange and collaboration between Hong Kong and Hungary.
Mr Tsang also attended today the Guangdong-Hong Kong-Macao Greater Bay Area - Europe (Hungary) Economic and Trade Cooperation Exchange Conference jointly organised by the People's Government of Guangdong Province, the Hong Kong Special Administrative Region Government and the Macao Special Administrative Region Government to promote the business opportunities brought about by the GBA to the European business community, and Hong Kong's position as a GBA's international entry point and roles as a "super connector" and "super value-adder". Speaking at the conference, he encouraged enterprises and talents to capitalise on Hong Kong's unique advantages of having staunch support of the motherland and being closely connected to the world by establishing foothold in the city and tapping into the huge market of the GBA, and to turn challenges into endless opportunities under the current international situation.
Mr Tsang emphasised that under "one country, two systems", Hong Kong would continue to maintain its status as a free port, implement a free trade policy, maintain the free flow of capital, goods, people and information, and firmly support a rules-based multilateral trading system.
Mr Tsang will depart for Cairo, Egypt, on May 17 to attend the Guangdong-Hong Kong-Macao Greater Bay Area - Africa (Egypt) Economic and Trade Cooperation Exchange Conference to be held there. He will return to Hong Kong on May 19.
SCMA visits Hungary to promote development opportunities in GBA Source: HKSAR Government Press Releases
SCMA visits Hungary to promote development opportunities in GBA Source: HKSAR Government Press Releases
SCMA visits Hungary to promote development opportunities in GBA Source: HKSAR Government Press Releases
SCMA visits Hungary to promote development opportunities in GBA Source: HKSAR Government Press Releases
SCMA visits Hungary to promote development opportunities in GBA Source: HKSAR Government Press Releases
