ACCA Recommendations on 2010-11 Budget

The Hong Kong government will deliver the 2010-11 Budget speech on 24 February, and ACCA recommends the government to provide tax incentives to build a favourable business environment, support the identified industries with good potential, and care for the community.

The Chief Executive has proposed in the 2009-10 Policy Address to facilitate the development of six indentified industries. Medical services is one of them. To encourage investment in medical research and development, ACCA suggests a deduction of 200% for costs incurred for qualified advanced medical equipment, and a 200% deduction for payments to qualifying institutions for conducting relevant medical research activities.

ACCA also recommends to provide concessionary tax rate for corporations’ regional headquarters or service centres. Fergus Wong, Co-chairman of Tax Sub-committee, ACCA Hong Kong, comments that this will help attracting investment and job opportunities.

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