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Written by: Chen Jiahui Zhang Siwei
2020-02-26 13:29
Last updated: 2020-02-26 13:29Under the haze of the pneumonia epidemic in Wuhan, a new Budget was released. The Financial Secretary, Chen Maobo, introduced heavy relief measures, including 10,000 yuan for all citizens, and a 100% reduction in salaries tax and personal income tax for 2019/20, with a ceiling of 20,000 yuan.
Do you still need to pay taxes? How much can I save? "Hong Kong 01" special tax calculation machine for wage earners, help you calculate now!
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The epidemic of pneumonia and pneumonia continues to hit Hong Kong's economy and seriously affect people's livelihood. Chen Maobo announced the latest Budget on the 26th, describing the threat of the epidemic as a serious blow to Hong Kong's economic activities and atmosphere. It is expected that the short-term economic impact may be even greater than that of SARS in 2003, which means that even in the next year, there will be a record high of 1,391. A deficit of 100 billion yuan, but counter-cyclical measures of more than 120 billion yuan are still needed to help citizens and corporate citizens overcome difficulties.
Chen Maobo said that this year, 10,000 yuan will be distributed to Hong Kong permanent residents aged 18 or above, benefiting about 7 million people and involving 71 billion yuan in expenses. In terms of taxation, the government will reduce 100% salaries tax and personal income tax in 2019/20, with a ceiling of 20,000 yuan, involving a financial amount of 18.8 billion yuan, and benefiting 1.95 million taxpayers in Hong Kong.
However, the new tax year will not add new deductions as in previous years. How much money can you save? Use the 01 tax calculator to estimate.
▼ Budget of sugar pie ▼
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Other relief measures for people's livelihood include waiving annual rates for residential properties in 2020/21, capped at $ 1,500 per quarter. As for CSSA, old-age allowances, living allowances for the elderly, disability allowances, and employment and transportation allowances, there will be "double grain". The Government will also pay one month's rent on behalf of lower-income public housing tenants, as well as the examination fee for candidates for diploma schools.
▼ 30 billion measures for epidemic prevention and anti-epidemic funds ▼
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Chen Maobo said that due to the impact of Sino-U.S. Trade frictions and local social events, Hong Kong's economic momentum has weakened significantly. Together with the four rounds of relief measures involving more than 30 billion yuan in the past six months, and the 30 billion yuan epidemic prevention and epidemic prevention fund, the A deficit of about 37.8 billion yuan was recorded in FY20. In 2020/21, due to the impact of the economic environment, larger-scale countercyclical fiscal measures and continued increase in recurrent expenditure, a record high of 139.1 billion yuan will be recorded.
﹙Note: The relevant tax exemption measures may need to be passed by the Legislative Council; the above results are estimated figures. For details, please refer to the information on the website of the Inland Revenue Department.﹚
01 Data 2020 Budget Budget
