Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Monday, Apr 22, 2024

(Budget 2023-24) Key takeaways from HK Budget

(Budget 2023-24) Key takeaways from HK Budget

Financial Secretary Paul Chan Mo-po delivered his budget to the Legislative Council on Wednesday and added that the government will take a “moderately liberal” fiscal stance this year.
The government will give cash handouts and ease stamp duties for first-time homebuyers though the city is set for back-to-back deficits, in order to support an economy buffeted by prolonged Covid-19 restrictions.

Following are the key statements:

Consumption Vouchers
- issue e-vouchers with a total value of HK$5,000 to each eligible Hong Kong permanent resident and new arrival aged 18 or above in two instalments
- the first batch of consumption vouchers valued at HK$3,000 will be disbursed in April this year
- eligible persons who have come to live in Hong Kong through different admission schemes or to study in Hong Kong will receive vouchers in half value

Taxation
- reducing salaries tax and tax under personal assessment for the year of assessment 2022/23 by 100 per cent, subject to a ceiling of HK$6,000
- propose to increase the basic child allowance and the additional child allowance from the current HK$120,000 to HK$130,000 starting from the year of assessment 2023/24
- reducing profits tax for the year of assessment 2022/23 by 100 per cent, subject to a ceiling of HK$6,000
- providing 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
- providing 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

Housing
- current demand-side management measures for residential properties ("harsh measures") remain unchanged
- ad valorem stamp duty payable for the sale and purchase of residential and non residential properties (Rates at Scale 2) will be adjusted, measure will benefit 37,000 buyers
- completion of private residential units will average over 19,000 units annually in the five years from this year onwards
- identified eight sites for Light Public Housing construction
- about 14,000 transitional housing units will be coming on stream in the next two years

Tobacco Control
- propose to increase the duty on cigarettes by 60 cents per stick with immediate effect
- duties on other tobacco products will also be increased by the same proportion under the proposal
- target is to bring the smoking prevalence rate down from the current 9.5 per cent to 7.8 per cent

Allowances and subsidies
- providing one half of a month of the standard rate Comprehensive Social Security Assistance payments, Old Age Allowance, Old Age Living Allowance or Disability Allowance to eligible social security recipients
- extending the Public Transport Fare Subsidy Scheme for six months till October 2023 to provide commuters with a subsidy amounting to one third of their actual monthly public transport expenses in excess of HK$200
- granting a HK$1,000 subsidy for each eligible residential electricity account
- current arrangement of distributing electricity charges relief of HK$50 a month will be extended to the end of 2025
- paying the examination fees for school candidates sitting for the 2024 HKDSE Examination

Betting Duty
- propose to impose an annual special football betting duty of HK$2.4 billion on the Jockey Club for five years starting from 2023 - 24
- current betting duty rates remain unchanged

Land Sale
- 2023-24 Land Sale Programme will cover a total of 12 residential sites
- potential land supply for the whole year is expected to have a capacity of providing about 20,550 units
- make the land available to the market for the production of no less than 72,000 private housing units in the coming five years
- Land Sale Programme also includes 3 commercial sites and 3 industrial sites, capable of providing about 200,000 square metres of commercial floor area and 170,000 square metres of industrial floor area

Others
- introduce a new round of Capital Investment Entrant Scheme, which allow applicants to reside and pursue development in Hong Kong after investing a certain amount in the local asset market, excluding property
- HK$10 billion in funding to step up investment in innovation and technology
- to issue up to HK$50 billion of silver bonds
- to issue HK$15 billion of green retail bonds
- increase tax deduction to 200 percent for the MPF voluntary contributions made by employers for their employees aged 65 or above
- HK$174 million to enhance support for pre-school children with special needs
- HK$100 million to strengthen support for women's development, including helping them take up different roles in the job market and providing training on child and elderly care
Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×