Financial Secretary Paul Chan will announce the Budget at 11 am today (23rd). Under the new crown epidemic, the public is concerned about how much support the government has.
This "Budget" is "closely received", and few measures have been released in advance. "Hong Kong 01" integrates the news circulating in all walks of life. Among them, the redistribution of consumer coupons and the reform of the rates system are the most popular.
Chen Maobo announced the distribution of electronic consumer coupons last year, and the public reaction was positive.
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Chen Maobo announced the first installment of electronic consumption coupons last year. Although some citizens who are not used to electronic consumption on weekdays have difficulties in registration, the overall effect is good, and the public's consumption intention has increased significantly. It can indeed support the retail industry and benefit the catering industry under the epidemic. In many industries, the society responded positively.
A rough estimate by the government's economic advisers before the introduction of the vouchers last year was that the voucher program could boost the economy by 0.7 percentage points of GDP.
With the epidemic still under control, the business community continues to hope that consumer coupons will be distributed again this year to stimulate the market.
BOCHK has also recently been included in the Register of Stored Value Facility (SVF), which the financial community believes is paving the way for its BoC Pay to participate in a new round of consumer coupons, which reflects a high percentage of consumer coupons distributed.
▼The last round of consumer coupons boosted citizens' shopping desire, and crowds appeared in Mong Kok Computer Center▼
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Politicians offer 5,000 to 10,000 professional opinions more cautiously
In terms of "offering prices" in the political circles, except for the New Democracy Party's insistence that money should not be distributed and resources should be used where it is most needed, other established political parties are all in favor of sending consumer coupons, with a "bidding price" ranging from 5,000 to 10,000 yuan.
Professionals also agree that the government has the ability to distribute consumer vouchers, but they are worried that the government has to deal with a large amount of expenditure, and the amount is relatively conservative.
Wu Jinhua, president of the Hong Kong Taxation Institute, said on the radio program that consumer vouchers can protect the economy in the short term, and agreed to distribute them if necessary, but whether the amount is 5,000 yuan or more is "a matter for consideration."
Deloitte also stated that although it agrees with consumer vouchers, it is expected that the budget will record another deficit next year, so the distribution of consumer vouchers needs to consider living within our means.
Other accounting recommendations include Ernst & Young's proposal to distribute $3,000 coupons, PricewaterhouseCoopers' proposal to distribute $2,500 in two separate batches, KPMG also believes that $5,000 could be distributed, and CPA Australia's proposal to distribute $3,000 coupons to the public. Vulnerable groups will receive an extra 3,000 yuan.
It is rumored that the government will review the rates system.
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Introducing a progressive rate system, those who can afford to pay more, and those who live in can be exempted
Another measure of heat transfer is the reform of the rates system.
Last year's Budget announced by Chen Maobo that he would review the rates system, including studying the introduction of a progressive rate system and providing constant concessions for owner-occupied properties.
The government has been under review for nearly a year, and a number of reform details have come out from the political circles, including a study on imposing higher rates on properties with high valuations, while owner-occupied units can be exempted.
At present, the rate rate in Hong Kong is flat at 5%. The relevant details are the introduction of a progressive rate system, so that "the able will pay more", and it will also help to cope with the narrow tax base and restricted income sources that economists have warned about for many years. .
There are reports that the government intends to formally implement the Residential Care Service Voucher Scheme for the Elderly.
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Research on residential vouchers for the elderly becomes a regular measure
In 2017, the Social Welfare Department launched a pilot scheme for residential care service vouchers for the elderly, which implemented "money follows people" to provide voucher subsidies for the elderly who are waiting for admission to residential care homes on the Central Waiting List. It is reported that the government Intention to make residential vouchers a regular measure.
The outside world advocates a reduction in salaries tax and short-term unemployment benefits for rates
Under the epidemic, both operators and wage earners are facing economic difficulties. Chen Maobo has disclosed in advance that there will be measures to support SMEs and relieve people's hardships.
It is expected that the measures that have been introduced frequently in recent years will generally be maintained. For example, Deloitte proposes to reduce salaries tax and personal assessment, with a ceiling of 30,000 yuan. In addition, the rent of owner-occupied residence can be deducted from salaries tax.
KPMG, on the other hand, proposes to provide "negative tax rates" for loss-making companies and to reduce rates.
As for the election committee member Lin Zhiyuan, who is an accountant himself, he joined the Accounting Professional Development Fund and the Hong Kong Chinese Accountants Association and other groups to put forward suggestions. In addition to distributing 5,000 electronic consumer coupons, he also pointed out the establishment of short-term unemployment assistance to those affected by the epidemic. Distribute a monthly subsidy of 5,000 yuan, up to six months, and propose the establishment of a transitional rent allowance, as well as "double pay" such as Old Age Living Allowance, Old Age Allowance and Disability Allowance.
Budget｜Chen Mao Bo Shi will distribute at least 5,000 consumer coupons again?
Rates for self-occupied buildings may be reduced or exempted in the budget plan. Taxation Institute: The reserve may only be enough for the government to spend 50 years in the same year. The tax base needs to be expanded. "Live" Budget ︱Financial deficit still proposes to distribute 10,000 consumer coupons