The levy thresholds under the Construction Industry Council Ordinance (CICO), the Construction Workers Registration Ordinance (CWRO) and the Pneumoconiosis & Mesothelioma (Compensation) Ordinance (PMCO) will be raised from $1 million to $3 million from July 30.
Contractors are currently required under the CICO and the CWRO to pay levies at 0.5% and 0.03% of the value of the construction operations respectively.
The levies support the work of the Construction Industry Council and the administration of the construction workers registration regime.
Conractors are also required under the PMCO to pay a levy at 0.15% of the value of the construction operations to finance the statutory functions of the Pneumoconiosis Compensation Fund Board.
The Legislative Council passed two resolutions on June 27 to raise the levy thresholds under the CICO and the PMCO to relieve the financial burden on small and medium contractors.
The same amendment has been made for the CWRO, which was tabled at LegCo on July 11.
Under the new thresholds, contractors are not required to pay levies for construction operations that do not exceed $3 million from July 30, except for those that have started or for projects in which tenders were submitted before the effective date.