[Budget 2020. Live] 10,000 yuan from the whole people to waive 100% salary tax ceiling 20,000

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Written by: Chen Shuxia Golden Chess

2020-02-26 10:10

In the past six months, Hong Kong has been affected by anti-revision demonstrations, coupled with the recent devastation of the pneumonia epidemic in Wuhan, the economic outlook is extremely uncertain, and the tourism, catering and retail industries have been hit hard.

The Financial Secretary, Chen Maobo, will go to the Legislative Council today (26th) to announce a new Budget. The outside world is expected to send money to the entire people, but he has indicated on a blog a few days ago that government resources are limited and the budget " It ’s impossible to satisfy everyone. "

"Hong Kong 01" will be broadcast live.

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

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[11:30]

[11:24] Chen Maobo pointed out that the Hospital Authority is also actively promoting the second-decade hospital development plan, which is expected to provide more than 9,000 beds and other new medical facilities, which is sufficient to meet the expected service demand until 2036.

The HA set up a Task Force on Sustainable Development in December last year, focusing on examining strategies such as retaining staff, and made the following three key recommendations:

(1) To optimize the special post-retirement re-employment plan and encourage more senior doctors to continue to serve the Hospital Authority under contractual arrangements after retirement until the age of 65;

(B) consider increasing the opportunities for promotion of about 200 associate consultant doctors to consultant doctors within five years to retain experienced talents; and

(C) Provide additional allowances for registered nurses who have obtained specialist qualifications to retain staff and encourage their continuous nursing professional development.

The government has promised to support it. The HA will continue to explore other feasible options to retain staff.

The Government will continue to allocate an additional $ 3 billion in recurrent funding to the Hospital Authority and an additional allocation of about $ 600 million in accordance with population growth and changes in the population structure, so that the Hospital Authority will increase its manpower to implement new measures and strengthen existing services. In other words, the government will provide a total of $ 75 billion in recurrent funding to the HA in 2020/21.

The Government also plans to set up district health centres in the other six districts in the next two years, and reserves recurrent expenditure of $ 650 million. As for the remaining 11 districts, about 600 million yuan will be allocated. Before the regional health centers are formally established, non-governmental organizations will be funded to set up smaller, transitional health stations.

Chen acknowledged that the outbreak of a new coronavirus caused by social events has affected the mental health of many citizens and will provide sufficient resources to the Food and Health Bureau, the Labour and Welfare Bureau and the Education Bureau to provide appropriate support to people with mental disorders.

[11:20] Chen Maobo announced that 10,000 yuan will be distributed to all citizens aged 18 or above, and 7 million people are expected to benefit. He expects to involve 71 billion yuan, and will announce details after the approval of the Legislative Council.

The Government will also reduce 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. Government revenue will be reduced by 18.8 billion yuan;

In addition, 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 be reduced by 13.3 billion yuan;

People receiving CSSA, Old Age Allowance, Living Allowance for the Elderly or Disability Allowance will be given "double food", and similar arrangements will be made for employment and transportation allowances. Government expenditure is about 4.2 billion yuan;

The Government will also pay one month's rent on behalf of lower-income tenants of public housing and pay the examination fee for school candidates taking the Hong Kong Diploma of Secondary Education Examination 2021.

[11:18] Chen also pointed out that in the face of worsening employment conditions, an annual increase of 30 million yuan will be allocated to optimize the employment plan of the Labour Department and further encourage employers to hire older people, youth and people with disabilities.

The Employees Retraining Board will optimize the new "Special ‧ Value Added" plan launched in July this year and add about 10,000 places to provide training and allowances to employees affected by the economic downturn. The Employees Retraining Board will also pass amendments to increase the maximum monthly allowance for trainees from $ 4,000 to $ 5,800.

The Construction Industry Council will allocate 200 million yuan from the levy income to provide subsidies to approximately 6,000 eligible SME contractors and registered subcontractors, each capped at 20,000 yuan to help the industry weather the crisis. .

[11:15] The Government will also continue the following relief measures:

Subsidize eligible non-residential electricity users for an additional 4 months of 75% of monthly electricity bills, with a monthly subsidy cap of 5,000 yuan per household. Government expenditure is about 2.9 billion yuan;

Non-residential users are exempted from paying 75% of water and sewage charges for an additional 4 months. The monthly exemption limit for each household is 20,000 yuan and 125,000 yuan, respectively. Government revenue will decrease by 340 million yuan;

Provide a new six-month rental subsidy program to local recycling companies;

Provide eligible tenants of government property, land and environmental parks with 50% rent or fee relief for an additional six months;

Provide a 50% fee waiver to eligible holders of the short-term lease clause waiver for an additional six months;

Provide renters of the Leisure and Cultural Services Department ’s below-ground entertainment centre facilities with an additional 50% basic rent reduction for six months;

Provide cruise companies and existing terminal merchants with additional six months of fees and rent reductions.

Chen Maobo estimates that the above measures total about 18.3 billion yuan. It is hoped that the measures will not only support enterprises, but also help to secure the jobs of more than 3 million wage earners, and call on employers and employees to ride through the difficult times.

[11:13] The government will also waive rates for non-residential properties in 2020/21. 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. It is estimated to benefit 42 Ten thousand non-residential properties. Government revenue will be reduced by 3.2 billion yuan, which is estimated to benefit 420,000 non-residential properties.

In addition, there will be 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. The deduction will be reflected in the final tax payable in the previous year of assessment. Government revenue will be reduced by 2 billion yuan;

The government will also waive the business registration fee for 2020/21, benefiting 1.5 million business operators, and government revenue will be reduced by 3 billion yuan; the company registry will completely waive the company's annual return registration fee (except for overdue registration) For two years.

[11:12] Chen Maobo announced that under the "SME Financing Guarantee Scheme", a preferential low-interest loan guaranteed by the government as a 100% guarantee will be launched with an application period of six months. The loan amount is the salary and rental expenses of a qualified applicant for six months, with a ceiling of 2 million yuan, and a repayment period of up to 3 years. The government will provide a credit guarantee of up to 20 billion yuan for this.

[11:10] Chen Maobo predicts that the Hong Kong economy will face great internal and external challenges this year, and it is difficult to be optimistic in the short term. It is expected that the real growth will be -1.5% to 0.5%. He also emphasized that the current property prices are still out of touch with the economic tone and the affordability of the public, and the Government will continue its efforts to increase the supply of land and housing.

He predicted that the Hong Kong economy would grow by an average of 2.8% in real terms per year from 2021 to 2024, slightly lower than the trend growth of 2.9% over the past decade, and that the basic inflation rate is expected to average 2.5%.

[11:05] Chen Maobo pointed out that in 2019, the external situation was "abnormally severe". The growth of most economies slowed down. Combined with the impact of Sino-US trade frictions, Hong Kong's overall goods exports fell by 4.7% in real terms throughout the year. The export of tourism services fell sharply due to the impact of local violent shocks. It fell by 10.4% for the whole year, the largest annual decline on record.

He also pointed out that private consumption expenditures fell by 1.1% in real terms throughout the year, while investment expenditures fell by 12.3% in real terms. He emphasized that Hong Kong's economy contracted by 1.2% throughout the year, marking the first annual decline since the global economic recession in 2009. The unemployment rate rose to 3.4% from 2.8% in the second quarter of last year.

The total unemployment rate in the retail, lodging and food service industries rose to 5.2%, the highest in three years. Among them, the unemployment rate in the catering service industry rose sharply to 6.1%, the highest level in eight years. Excluding the impact of one-off government measures, the basic inflation rate last year was 3%, 0.4 percentage points higher than in 18 years.

[11:02] Chen Maobo pointed out that when preparing the budget, the focus will be on "supporting enterprises, protecting employment, boosting the economy, and alleviating the difficulties of the people." He pointed out that he understands that to meet the current challenges, financial resources alone are not enough. However, making good use of reserves, supporting enterprises, and alleviating the plight of the people is indeed what citizens expect of the government in the current difficult environment. He announced that he had decided to use 120 billion yuan to launch "counter-cyclical" measures to make good use of reserves to alleviate the hardships of the people and try his best to respond to public expectations.

[11:00] The Financial Secretary, Chen Maobo, arrived at the Legislative Council and read out a new Budget.

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[10:35] Representatives of the FTU and the Democratic Party petitioned outside the Legislative Council before the Budget was read out, asking the entire people to send money.

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

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[10:30] According to the formation report, Chen Maobo announced in a new budget that all Hong Kong residents aged 18 or above will receive 10,000 yuan in cash.

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