Budget 2021-2022 announced to provide rates waiver for both domestic property and non-domestic property. Each domestic property for all 4 quarters of 2021-22. Subject to a ceiling of HKD 1,500 per quarter in the first 2 quarters and HKD 1,000 per quarter in remaining 2 quarter. While each non-domestic property, subject to a ceiling of HKD5,000 in the first 2 quarters and HKD2,000 per quarter for the following 2 quarters.
If your payable is within the ceiling, then you no need to pay. However, you still need to pay the government rent.
Let us show you some examples:
Domestic Property
Example 1: 2021-2022 quarterly rates payment below HKD1,000
Apr – Sep 2021Oct 2021-Mar 2022
| Payable per quarter | $700 | $700 |
| Amount of Concession | $700 | $700 |
| Amount Due | $0 | $0 |
Example 2: 2021-2022 quarterly rates payment equal to HKD1,000
Apr – Sep 2021Oct 2021-Mar 2022
| Payable per quarter | $1,000 | $1,000 |
| Amount of Concession | $1,000 | $1,000 |
| Amount Due | $0 | $0 |
Example 3: 2021-2022 quarterly rates payment equal to HKD1,500
Apr – Sep 2021Oct 2021-Mar 2022
| Payable per quarter | $1,500 | $1,500 |
| Amount of Concession | $1,500 | $1,000 |
| Amount Due | $0 | $500 |
Example 4: 2021-2022 quarterly rates payment exceeding HKD1,500
Apr – Sep 2021Oct 2021-Mar 2022
| Payable per quarter | $1800 | $1800 |
| Amount of Concession | $1500 | $1000 |
| Amount Due | $300 | $800 |
Non-Domestic Property
Example 1: 2021-2022 quarterly rates payment below HKD2,000
Apr – Sep 2021Oct 2021-Mar 2022
| Payable per quarter | $1,700 | $1,700 |
| Amount of Concession | $1,700 | $1,700 |
| Amount Due | $0 | $500 |
Example 2: 2021-2022 quarterly rates payment equal to HKD2,000
Apr – Sep 2021Oct 2021-Mar 2022
| Payable per quarter | $2,000 | $2,000 |
| Amount of Concession | $2,000 | $2,000 |
| Amount Due | $0 | $500 |
Example 3: 2021-2022 quarterly rates payment equal to HKD5,000
Apr – Sep 2021Oct 2021-Mar 2022
| Payable per quarter | $5,000 | $5,000 |
| Amount of Concession | $5,000 | $2,000 |
| Amount Due | $0 | $3,000 |
Example 4: 2021-2022 quarterly rates payment exceeding HKD5,000
Apr – Sep 2021Oct 2021-Mar 2022
| Payable per quarter | $6,000 | $6,000 |
| Amount of Concession | $5,000 | $2,000 |
| Amount Due | $1,000 | $4,000 |
For further information, please contact us.
You may want to read: THE 2021-2022 BUDGET TARGETS ON REVIVING THE ECONOMY