Hong Kong will provide a collection of one-off financial reduction measures, together with tax cuts and subsidies, to its residents, Monetary Secretary Paul Chan introduced in his newest funds on Wednesday.
The monetary secretary stated that the measures have been to “present help for members of the general public who’ve been affected by the epidemic.”
The 5 measures will price the federal government not less than HK$30.2 billion.
- Salaries tax and tax beneath private evaluation reduce by 100 per cent, capped at HK$10,000.
- Charges concession for home properties for a yr, capped at HK$1,500 for the primary two quarters and HK$1,000 within the remaining two.
- HK$1,000 subsidy for eligible residential electrical energy accounts.
- Social safety recipients will obtain an allowance equal to 1.5 months of the usual fee for Complete Social Safety Help funds, Previous Age Allowance, Previous Age Dwelling Allowance, Working Household Allowance, and Incapacity Allowance.
- Faculty candidates sitting for the 2023 Hong Kong Diploma of Secondary Training Examination could have their examination charges paid for.
![HKFP_Live: Finance chief Paul Chan is delivering the 2022 Hong Kong budget [English interpretation]](https://i.ytimg.com/vi/SOhsZ9yZP0E/hqdefault.jpg)
The federal government may also decrease the brink for the Public Transport Fare Subsidy Scheme from HK$400 to HK$200, and instructed offering tax reductions for non-property house owners renting personal properties, capped at HK$100,000.
The 100% Private Mortgage Assure Scheme may also be prolonged for a yr, and the utmost mortgage quantity and the ceiling will likely be elevated from six occasions to 9 occasions the applicant’s month-to-month earnings, capped at HK$100,000. The utmost reimbursement interval may also be prolonged from six years to 10 years.
Chan additionally introduced that the federal government will distribute consumption vouchers totalling HK$10,000 to all its residents aged 18 or above in two instalments.
