Link Details

More rates relief for enterprises

The Government today announced that the Rating (Exemption) Order 2020 (Amendment) Order 2020 will be gazetted and take effect on September 18 to implement a further rates relief to non-domestic tenements for the third and fourth quarters of 2020-21.


The enhanced waiver is on top of the rates relief announced in the 2020-2021 Budget for all domestic and non-domestic tenements.


The Budget set the exemption ceiling for non-domestic tenements at $5,000 per tenement per quarter for the first two quarters, and $1,500 for the remaining two quarters.


The exemption ceiling will be adjusted from $1,500 to $5,000 per tenement per quarter for the third and fourth quarters, to sustain the support for enterprises amid the challenging economic conditions brought by the COVID-19 epidemic.


The enhanced concession will involve about 258,000 non-domestic tenements and $1.2 billion in further rates concession.


The order will be tabled at the Legislative Council for negative vetting on October 14.

Read Full Article