In the first major profits tax reform in a decade, the government is preparing a two-tier profits tax system under which the tax rate for SMEs for the first HK$2 million of profits will be lowered to 10 per cent from 16.5 per cent. Photo: AFP

Tax cuts welcome, now cut red tape too

The government plans to ease the burden on a sector that employs almost half of the non-public workforce, and the bureaucracy should also look to see how it can contribute to prosperity

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In the first major profits tax reform in a decade, the government is preparing a two-tier profits tax system under which the tax rate for SMEs for the first HK$2 million of profits will be lowered to 10 per cent from 16.5 per cent. Photo: AFP
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