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Tuesday, Dec 10, 2024
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(Budget 2023-24) Individuals and business to see tax cuts, additional allowances as economy recovers
Enterprises will see profits tax for the year of assessment 2022/23 reduced by 100 percent, subject to a ceiling of HK$6,000, along with about 1.9 million taxpayers who will have salaries tax and tax under personal assessment reduced by 100 percent, subject to a ceiling of HK$ 6,000, announced Financial chief Paul Chan Mo-po as he delivered the government's annual budget blueprint on Wednesday.
In his speech about issuing the Budget today, Chan said the measures are issued to ease the pressure on society in the recovery of the economy after the pandemic.
He further confirmed the government will provide rates concession for non-domestic properties for the first two quarters of 2023-24, subject to a ceiling of HK$1,000 per quarter for each rateable property.
In addition, Chan noted that the government would provide rates concession for domestic properties for the first two quarters of 2023-24, subject to a ceiling of HK$1,000 per quarter for each rateable property.
The basic child allowance and the additional child allowance for each child born will also be increased from the current HK$120,000 to HK$130,000, said Chan, adding 324,000 taxpayers will benefit.
Besides, regarding social welfare, Chan announced that students joining the 2024 Hong Kong Diploma of Secondary Education Examination will be paid the examination fees.
Every household will also enjoy an electricity charge relief of HK$50 per month to be extended to the end of 2025.
The subsidy for distributing one-third of citizens’ monthly public transport expenses will also be extended to October 2023.
An allowance to eligible social security recipients, equal to one-half of a month of the standard rate Comprehensive Social Security Assistance payments, Old Age Allowance, Old Age Living Allowance, or Disability Allowance will also be provided.
He further confirmed the government will provide rates concession for non-domestic properties for the first two quarters of 2023-24, subject to a ceiling of HK$1,000 per quarter for each rateable property.
In addition, Chan noted that the government would provide rates concession for domestic properties for the first two quarters of 2023-24, subject to a ceiling of HK$1,000 per quarter for each rateable property.
The basic child allowance and the additional child allowance for each child born will also be increased from the current HK$120,000 to HK$130,000, said Chan, adding 324,000 taxpayers will benefit.
Besides, regarding social welfare, Chan announced that students joining the 2024 Hong Kong Diploma of Secondary Education Examination will be paid the examination fees.
Every household will also enjoy an electricity charge relief of HK$50 per month to be extended to the end of 2025.
The subsidy for distributing one-third of citizens’ monthly public transport expenses will also be extended to October 2023.
An allowance to eligible social security recipients, equal to one-half of a month of the standard rate Comprehensive Social Security Assistance payments, Old Age Allowance, Old Age Living Allowance, or Disability Allowance will also be provided.
