The Government of Hong Kong announced new measures to help SMEs amidst the island’s ongoing unrest and slowing trade.
The measures worth around HK$4 billion are aimed at assisting SMEs weather the ongoing economic storm pummeling Hong Kong. These measures allow companies and individuals to pay their taxes in installments, while small firms will get subsidies for their utility bill.
The new measures are on top of more than HK$21 billion in sweeteners the government has unveiled over the past four months, including a string of waivers on government fees for companies, fuel subsidies for the logistics industry, and cash incentives for travel agents, plus allowances for students and low-income groups.
Financial Secretary Paul Chan Mo-po said, “The latest round of measures will be helpful in easing SMEs’ cash flow. We aim to support companies, preserve jobs and stabilise investors’ confidence.”
The measures have been largely welcomed by Hong Kong’s business community. Dr Peter K N Lam, Chairman of the Hong Kong Trade Development Council (HKTDC) said, “Hong Kong’s economy is hard hit by global trade tensions and social unrest. The HKTDC welcomes the new round of relief measures introduced by the Financial Secretary today, including subsidies for or reduction of charges or rental, instalment of tax payment arrangements, and enhancements of training programmes. We believe that the new round of measures will help ease the cash flow of SMEs which will help restore confidence in affected industries by enabling them to continue their business.”