A selection of updates on the Greater Bay Area from the Hong Kong Trade Development Council

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GBA Updates

20/4/2022
 

Preferential income tax policies for small businesses extended

Mainland authorities have extended the implementation of preferential income tax policies for small and micro enterprises to the end of 2024. For small and low-profit enterprises (SLPEs), of the portion of taxable income between Rmb1 million and Rmb3 million, 25% will be taxed at the applicable rate of 20%.

Small and micro enterprises eligible for VAT credit refund

Since 2019, the mainland has implemented a value-added tax (VAT) credit refund scheme in which term-end excess input VAT tax credits are refunded to the taxpayer. The refund scheme has been expanded this year to include small and micro enterprises and the manufacturing industry.

Small tech companies to enjoy 100% deduction of pre-tax R&D expenses

To support the research and development (R&D) of technology-based enterprises, the extra deduction on pre-tax R&D expenses for technology-based small and medium-sized enterprises will be raised to 100%.

Shenzhen increases start-up loan fund for small businesses

Shenzhen provides up to Rmb5 million in guaranteed start-up loans to small and micro enterprises. Last year, a total of Rmb1.85 billion in these loans were granted to such enterprises and the plan this year is to increase the loan pool to Rmb4 billion.
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GBA Intelligence
 

New trade pact draws bullish response

The GBA Business Confidence Index, compiled by Standard Chartered Bank in collaboration with the HKTDC, shows broad business confidence weakened for a third consecutive quarter in January to March but is expected to improve in the second quarter. The sheer size and diversity of the combined RCEP economies have the potential to reshape regional supply chains and boost their collective consumption and investment.

GBA Topics
 

Innovation premium for insurers

A Hong Kong-headquartered insurtech start-up seeks to fill the market gap with its pet insurance product. The start-up has also developed a core insurance system for other insurers, enabling insurance operations to be conducted online. With the business support offered through the HKTDC’s T-Box programme, OneDegree group opened an office in Shenzhen’s Qianhai economic cooperation zone last year, hoping to expand throughout Mainland China from the GBA.

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