Page 38 - Innovation_Hong_Kong

INNOVATION
AND
TECHNOLOGY

Going forward, we will focus our I&T promotion
efforts in eight major areas, namely —

1 Increasing resources for R&D
2 Pooling technology talent
3 Providing investment funding
4 Providing technological research infrastructure
5 Reviewing legislations and regulations
6 Opening up government data
7 Bettering procurement arrangements
8 Popularising science education.

To spur greater R&D investment from the private
sector, we are introducing (pending legislative
approval) a super tax deduction for locally
incurred R&D expenditure. The first HK$2 million
of qualifying R&D expenditure will be eligible for
a 300% tax deduction, while expenditure above
that will enjoy a 200% deduction.

34 / BUSINESS