Housing Authority to pass on rates concession to tenants
********************************************************
The Hong Kong Housing Authority (HA) will pass on the rates concession for the four quarters of 2017-18, as set out in the Budget Speech of the Financial Secretary in February, to its domestic and non-domestic tenants starting from April 2017.
"Following approval by the Subsidised Housing Committee of the HA, the apportioned amount of rates concession will be transferred to domestic tenants on a monthly basis over a 12-month period from April 2017 to March 2018 by offsetting an equivalent amount in the rent payable by them, subject to a ceiling of $1,000 per quarter for each rateable property," a spokesman for the HA said today (March 30).
For tenancies that do not cover the entire month, the transfer of the rates concession will be made on a pro-rata basis.
"The rates concession passing-on arrangement will apply to all domestic lettings including interim housing licensees and Comprehensive Social Security Assistance recipients.
"Similarly, the Commercial Properties Committee of the HA approved that the rates concession for the financial year of 2017-18 for the HA's non-domestic properties (excluding car parks) will also be passed on to the non-domestic tenants/licensees on a 'no loss, no gain' principle. They are exempted from paying the monthly rates from April 2017 to March 2018 subject to the capping limit of $1,000 per quarter for each rateable property," the spokesman said.
For the HA's six single-operator markets in Ching Long, Kwai Chung, Lei Muk Shue, Tin Yan, Hung Fuk and Shui Chuen O Estates, the operators will also pass on the rates concession to their licensees in full.
"Given the small amount of rates concession to individual car park users and the significant administrative costs involved for its transfer to these users, the Commercial Properties Committee of the HA endorsed the exclusion of car parks from the exercise in line with all the previous rates concession exercises. The rates concession for car parks received by the HA would be invested in enhancing the HA's car park facilities, such as the installation of electric vehicle charging facilities in suitable sites, installation of energy-efficient lighting to promote environmental protection and upgrading of security systems," the spokesman said.
The maximum total amount of rates concession to be passed on to domestic and non-domestic tenants/licensees by the HA is estimated to be about $2.123 billion and $29.4 million respectively. They will be individually notified of the arrangements.
Ends/Thursday, March 30, 2017
Issued at HKT 15:00
Issued at HKT 15:00
NNNN