Legislative Council member: 5-year tax incentive period for innovation and technology enterprises is too short to attract large companies to set up headquarters in Hong Kong

Legislative Council members support the government's proposed tax incentives for large innovation and technology enterprises, but believe the 5-year incentive period is too short to attract large enterprises to establish headquarters or expand business in Hong Kong. Chief Executive John Lee said in last month's Policy Address that the government plans to submit a bill to introduce a preferential profits tax rate of 5% or 8.25%, half of Hong Kong's standard rate.