2022-2023 Hong Kong Budget Summary

The Financial Secretary of the Hong Kong SAR Government, the Honourable Mr. Paul Chan Mo-po delivered the 2022-23 Budget Speech in the Legislative Council on 23 February 2022.

Tax Highlights of the Budget Speech

Rating System

Proposed progressive rating system for domestic properties to be rolled out in 2024-25, under which the rate to be charged on the rateable value will be changed from the current flat rate of 5% to progressive rates. Details of the new rating system are set out in the below table:

Other Levies

• Rates for non-domestic properties to be waived for the four quarters of 2022-23, subject to a ceiling of HK$5,000 per quarter in the first two quarters and HK$2,000 per quarter in the last two quarters for each rateable non-domestic property.