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Written by: Tao Jiaxin
2020-02-20 08:00
Last updated: 2020-02-26 12:48The 2020-21 Budget is announced today (February 26). The Financial Secretary, Chen Maobo, announced a number of sugar distribution schemes, including the payment of 10,000 yuan to Hong Kong permanent residents aged 18 or above; and one month's rent for lower income tenants of the Hong Kong Housing Authority and the Housing Society's public rental units; Reduction of 100% salaries tax and personal income tax for the year of assessment 2019/20; waiver of annual rates for residential properties; examination fees will also be paid on behalf of school candidates taking the Hong Kong Diploma of Secondary Education (DSE) 2021.
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10,000 yuan to Hong Kong permanent residents aged 18 or above
The grant of 10,000 yuan to Hong Kong permanent residents aged 18 or above encourages and stimulates local consumption on the one hand, and eases economic pressure on the other. The measures are expected to benefit about 7 million people and involve 71 billion yuan in expenditure.
Payment of the 2021 diploma exam fee
Payment of examination fees for school candidates taking the Hong Kong Diploma of Secondary Education Examination 2021. Government expenditure is about 150 million yuan
Pay one month's rent for low-income tenants of public housing
Pay one month's rent for lower income tenants of the Hong Kong Housing Authority and the Hong Kong Housing Society's public rental units. Government expenditure of about $ 1.829 billion
Receive one more month's allowance for social security
The recipients of the social security amount will be granted an additional standard amount of comprehensive social security assistance, an old age allowance, an elderly living allowance or a disability allowance. Similar arrangements will be made to encourage employment transport allowances. Government expenditure is about $ 425 million
Remission of annual rates for residential properties up to 1,500 yuan per quarter
The annual rates for residential properties in 2020/21 will be waived, with an upper limit of 1,500 yuan per quarter per household, which is estimated to benefit 2.93 million residential properties. Government revenue will decrease by $ 13.3 billion
Reduction of salaries tax and personal income tax ceiling of 20,000 yuan
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 deduction will be reflected in the final tax payable for the year of assessment 2019/20. Government revenue will decrease by 18.8 billion yuan
Special allowances for low-income families
One-off special allowance for approximately 200,000 eligible low-income families receiving working family allowances and student assistance under the Epidemic and Epidemic Prevention Fund
Subsidies or reductions for eligible non-residential electricity, water and sewage charges
Eligible non-residential power users spend 75% of their monthly electricity bill for an additional four months, with a monthly subsidy cap of 5,000 yuan per household. Government expenditure is about 2.9 billion yuan;
Non-residential users are entitled to 75% of the water and sewage charges payable for an additional four months. The maximum monthly deductions for each household are 20,000 yuan and 12,500 yuan. Government revenue will be reduced by $ 340 million
Waive company annual registration registration fee
The company registry will fully waive the company's annual return registration fee (except for overdue registration) for a period of two years. The measures will benefit about 1.4 million companies and the related revenue will be reduced by a total of 212 million yuan;
Waiver of Business Registration Fee
The 2020/21 business registration fee was waived, benefiting 1.5 million business operators. Government revenue will be reduced by 3 billion yuan
Waiver of rates for non-residential properties
The rates for non-residential properties in 2020/21 will be waived. The first two quarters are capped at 5,000 yuan per quarter per household, and the next two quarters are capped at 1,500 yuan per quarter per household. Government revenue will be reduced by 3.2 billion yuan;
Reduction of profits tax
A 100% reduction in profits tax for the year of assessment 2019/20, with a ceiling of 20,000 yuan, benefiting 141,000 taxpayers in Hong Kong. Such deductions will be reflected in the final tax payable in the year of assessment 2019/20. Government revenue will be reduced by two billion yuan.
"SME Financing Guarantee Scheme" promotes 100% guaranteed preferential low-interest loans
Under the "SME Financing Guarantee Scheme", a preferential low-interest loan guaranteed by the government as a 100% guarantee was launched with an application period of 6 months. The loan amount is the salary and rental expenses of the eligible enterprise for 6 months, with a ceiling of 2 million yuan, and the repayment period is up to 3 years. The first 6 months can choose to repay the interest without repaying the principal.
[Budget 2020] Chen Maobo sends money to cover the news: Chen Maobo sent 10,000 yuan earlier. The pneumonia epidemic was more severe than SARS in 2003. It was described as a "tsunami-type" shock, which may cause Unemployment rate has deteriorated rapidly. He predicted that the estimated fiscal deficit in the new fiscal year (2020/21) may be the highest ever. This time, 10,000 yuan will be distributed to the public, and the fiscal deficit will break the 100 billion yuan mark.
[Budget 2020] Chen Maobo released on Wednesday: Limited resources can not satisfy everyone Financial Secretary Chen Maobo published a blog saying that the budget was finally finalized and the cover of the latest budget was disclosed. This year, the cover color is brown. , Followed by yellow words such as "government budget." He pointed out that "supporting enterprises and protecting employment" is a key goal of the government when responding to the economic downturn, but stressed that the government's resources are limited and the budget cannot fully meet the requirements of everyone.
[Budget] Implying that the people send money? Luo Zhiguang urges to wait and see unemployment rate of 5%
The 30 billion yuan epidemic prevention fund was approved in the Legislative Council. On the other side, the society and political parties have recently raised their voices for the nationwide distribution of money. The Secretary for Labour and Welfare, Luo Zhiguang, said that the government would take the lead in reducing rents, but it is difficult to predict. Avoiding the unemployment rate to rise to 4 to 5%. If the budget needs to design different support for different industries and classes, the work will become very complicated. The government will adopt simple and fast measures, saying "may be unfair but will be fair. ".
[Budget 2020] The epidemic hits all industries. The industry expects the government to take the lead in reducing rents and helping the revolving government launch a 25 billion yuan anti-epidemic fund, but there are still many industries that have not benefited. The outbreak of new coronavirus pneumonia (Wuhan pneumonia) has continued to hit the catering and retail sectors, sighing that the rent burden is heavy, and I hope that the Hong Kong government will take the lead in reducing rents and launching loan guarantee schemes to help companies with cash flow. Education-related industries such as tutorial schools and school buses have also been hit hard by long-term suspensions. The government is expected to issue subsidies and waive car parking fees to help.
[Budget 2020] Interview with Hong Kong's "Father of Sending Money" Luo Xianguo: Sending money should be institutionalized and organized by the people. Many political parties have suggested that the rich man, Chen Maobo, send 10,000 yuan to each citizen. Located in the political circle who proposed to send money to the whole people-former Legislative Councillor and economist Luo Xiangguo. Luo Xiangguo pointed out that it was for the purpose of driving discussion at that time, and he had reservations about "distributing money regardless of the rich and the poor", saying that someone could get double benefits because of this, but it was unfair. He believed that although Chen Maobo's last money allocation had caused administrative confusion, the idea ultimately made sense, and he suggested that "send money" be institutionalized.
[Budget 2020] Only 5 times in 23 years to see red, this year's deficit reached a record high of 70 billion?
The Financial Secretary, Chen Maobo, foresees that the projected fiscal deficit in the new financial year (2020/21) may be the highest ever, and it is more likely to be maintained for a period of time. After reviewing the data, deficits were recorded in only five financial years in the 23 years after the reunification in 1997, and the most serious deficit was 63.3 billion yuan. According to Chen Maobo, the 20/21 deficit will reach 70 billion yuan at any time.
[Budget 2020] Looking back at the 03 SARS and 08 financial tsunami rescue tricks, what can you do?
Hong Kong has experienced economic downturns for more than a decade, including SARS in 2003 and the financial tsunami in 2008. If I look into the Budget of that year, will I find any measures that I can use to save the economic downturn?
2020 Budget Chen Maobo sends money
