The Rating (Exemption) Order 2021 and the Revenue (Reduction of Business Registration Fees and Branch Registration Fees) Order 2021 will be gazetted on March 5.
The two orders seek to implement one-off rates concessions and waiver of business registration fees proposed in the 2021-22 Budget given the current economic difficulties.
The 2021-22 Budget has proposed to waive rates for four quarters of 2021-22. For domestic tenements, the concession ceiling is $1,500 per tenement per quarter for the first two quarters, and $1,000 per tenement per quarter for the remaining two quarters. The ceiling for non-domestic tenements is $5,000 per tenement per quarter for the first two quarters, and $2,000 per tenement per quarter for the remaining two quarters. The proposed rates concession will benefit about 3.38 million properties, leading to revenue forgone of about $15 billion.
In addition, the Budget has proposed to waive the business registration fees and branch registration fees for 2021-22 to reduce the operating cost of business amidst the unfavourable economic circumstances. The proposed waiver will benefit 1.5 million business operators, with revenue forgone of $3 billion.
The two orders will be tabled at the Legislative Council for negative vetting on March 17.