[Budget 2020] 10,000 tax rebate for each person to reduce rates

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Written by: Lao Minyi

2020-02-26 11:42

The outbreak caused by the new coronavirus pneumonia is still ongoing, and the tourism, catering and retail industries in Hong Kong have been hit hard. The Financial Secretary, Chen Maobo, today (26th) released a new Budget, which is of great concern to all sectors of the community. However, Chen Maobo stated on the blog earlier that the government has limited resources and the budget cannot meet everyone's requirements.

In the new Budget, Chen Maobo announced a series of measures to benefit wage earners, including a reduction of 100% profits tax for the year of assessment 2019/20, with a ceiling of 20,000 yuan, benefiting 141,000 taxpayers in Hong Kong; a concession of 2019 / 20 tax year 100% of salaries tax and personal income tax, the upper limit is also 20,000 yuan, benefiting 1.95 million taxpayers in Hong Kong. In addition, the government will waive the annual rates for residential properties in 2020/21, with an upper limit of 1,500 yuan per quarter per household, which is estimated to benefit 2.93 million residential properties.

▼ 30 billion measures for epidemic prevention and anti-epidemic funds ▼

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1. 10,000 yuan to Hong Kong permanent residents aged 18 or above

The government will issue 10,000 yuan to Hong Kong permanent residents aged 18 or above to encourage and drive local consumption and ease the economic pressure on the citizens. It is expected that the measures will benefit about 7 million people and involve about 71 billion yuan in expenditure.

2. Reduction of 100% salaries tax and personal income tax ceiling of 20,000 yuan

The government announced a reduction of 100% salaries tax and personal income tax for the year of assessment 2019/20, with a ceiling of 20,000 yuan, benefiting 1.95 million taxpayers in Hong Kong. The deductions for the final tax payable in the 2019/20 tax year reflect a reduction in government revenue of 18.8 billion yuan.

3. Remission of rates for residential properties throughout the year is capped at 1,500 yuan per quarter per household

The government will waive the annual rates for residential properties in 2020/21, capped at 1,500 yuan per quarter per household, which is estimated to benefit 2.93 million residential properties, and government revenue will be reduced by 13.3 billion yuan.

4. 1 billion fixed-rate mortgage loan program to help home buyers

In order to give potential home buyers more loan options and reduce their exposure to interest rate fluctuations, the Hong Kong Mortgage Corporation will launch a pilot scheme to provide banks with a ceiling of HK $ 10 million, with annual interest rates of 2.75%, 2.85% and 2.95 respectively. 10%, 15% and 20-year fixed-rate mortgage loans with a total planned loan amount of HK $ 1 billion, which will be reviewed based on market response.

6. Reduction of 100% profit tax ceiling of 20,000 yuan

The government announced a 100% profit tax reduction for the 2019/20 tax year, with a ceiling of 20,000 yuan, benefiting 141,000 taxpayers in Hong Kong. The deduction will reflect the final tax payable in the 2019/20 tax year Government revenue will be reduced by 2 billion yuan.

▼ Hong Kong masks, panic buying, conflict, winter under the epidemic ▼

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