【Budget 2022】Financial Secretary Chan Mo-po today (23rd) released a new "Budget". Under the impact of the epidemic, the Budget has introduced a number of relief measures commonly known as "sugar distribution", except as expected In addition to issuing two phases of consumer coupons totaling 10,000 yuan, it is the first time to introduce tax incentives for those who rent properties.
In addition, the government will, for the first time, enact legislation to temporarily prohibit owners of tenants who fail to pay rent on time in designated industries from recovering rent through legal channels.
In terms of supporting enterprises, Chen Maobo also proposed extraordinary measures, and will quickly enact legislation to prohibit landlords from terminating leases, services or taking other relevant legal actions against tenants who fail to pay rent on time in designated industries. The measures will last for 3 months to allow enterprises to have breathing space.
▼List of Budget Support Measures▼
+1
Use last year's data coupons to issue the first issue in April
- Launching a new round of consumer vouchers scheme to issue electronic consumer vouchers totaling RMB 10,000 in installments to each eligible Hong Kong permanent resident and new arrivals aged 18 or above through suitable stored value payment tools.
The measures are expected to benefit about 6 million people.
The government will use the registration information collected by the consumer voucher scheme launched last year to first issue consumer vouchers of 5,000 yuan to more than 6.3 million registered citizens in April. Wholesale release.
Last year, the first issue of consumer coupons was only issued in August, so this year is significantly earlier by 4 months.
- Reduction of 100% of salaries tax and tax under personal assessment for the year of assessment 2021/22, subject to a ceiling of $10,000, benefiting 2.01 million taxpayers in Hong Kong.
The deduction will be reflected in the final tax payable for the year of assessment 2021/22.
- Reduced rates for residential properties in the four quarters of 2022/23, capped at $1,500 per quarter per household for the first two quarters, and capped at $1,000 per quarter per household for the subsequent two quarters.
An estimated 2.99 million residential properties are involved.
Chen Maobo announced that he will distribute consumer coupons to citizens again this year, and the amount will be increased to 10,000 yuan.
(file picture)
1,000 yuan of electricity bills to subsidize CSSA, Changshengjin and other "half food"
- Provide 1,000 yuan of electricity subsidy for each qualified electricity residential user account.
This measure will involve an expenditure of about $2.8 billion and will benefit about 2.8 million residential users.
- An amount equivalent to half a month's standard CSSA payment, Old Age Allowance, Old Age Living Allowance or Disability Allowance will be paid to eligible persons receiving social security payments.
Similar arrangements will be made for Working Family Allowance.
- Payment of examination fees for school candidates taking the 2023 Hong Kong Diploma of Secondary Education Examination (DSE).
- The Government will increase the funding ceiling of the "Continuing Education Fund" from $20,000 to $25,000 per person and remove the age limit.
The new measures will benefit an additional 760,000 eligible persons, including members of the public who have opened fund accounts.
The first tax deduction limit for rental buildings is 100,000
- Reduce the threshold of the "Public Transport Fee Subsidy Scheme" from 400 yuan to 200 yuan from May to October this year.
The government will provide one-third of the subsidy for citizens' actual public transport expenses exceeding $200 per month, and the subsidy amount will be capped at $500 per month.
The amount of subsidies under the scheme will increase by about $1.08 billion, and it is estimated that it will benefit about 3.8 million people every month.
- It is proposed to introduce a deduction for residential rental expenses starting from the year of assessment 2022/23 to reduce the burden of salaries tax and personal assessment taxpayers who do not hold any residential property from renting private properties. The deduction for the year of assessment is capped at $100,000.
Government revenue is expected to fall by $3.3 billion.
Chen Maobo expects the bill to be submitted to the Legislative Council for deliberation in the second quarter of this year.
- The application period for the "100% Guaranteed Personal Loan Scheme" has been extended by one year to the end of April next year.
The maximum loan amount has been increased from 6 times to 9 times the average monthly income of the borrower during his employment, and the upper limit has been raised from 80,000 yuan to 100,000 yuan.
The maximum repayment period under the plan will also be extended from 6 years to 10 years, and the arrangement of interest repayment without principal repayment will be extended from 12 months to 18 months.
Support enterprises to reduce profits tax and business registration fee
- In terms of supporting enterprises, the profits tax for the year of assessment 2021/22 will be reduced by 100%, with a ceiling of $10,000, benefiting 151,000 enterprises in Hong Kong.
The deduction will be reflected in the final tax payable for the year of assessment 2021/22.
- Reduced rates for non-residential properties for the four quarters of 2022/23, capped at $5,000 per quarter per household for the first two quarters, and capped at $2,000 per quarter per household for the subsequent two quarters.
An estimated 430,000 non-residential properties are involved.
- Waive business registration fees for 2022/23, benefiting 1.5 million business operators.
- From October this year, the existing 34 types of government fees and charges will be extended for a period of 12 months, benefiting a variety of industries, including aviation, maritime, logistics, retail, catering, fishing and farming, construction, tourism and entertainment.
Suspend the collection of rent arrears in designated industries for up to half a year
- The HKMA has been requested to extend the "Pre-approved Interest Repayment Non-Principal Repayment Scheme" through the "Banking Industry SME Loan Coordination Mechanism" for another six months to the end of October this year.
At the same time, the HKMA and the banking industry will also provide options for businesses to choose to repay part of their principal over a longer period of time.
The arrangement also applies to loans under the SME Financing Guarantee Scheme.
- Will expeditiously enact legislation to prohibit landlords from terminating leases, services or taking other relevant legal actions against tenants who fail to pay rent on time in designated industries for a period of three months, which can be extended for up to three months as needed; It will automatically expire after a month.
The arrangement provides breathing space for enterprises in dire straits and helps stabilize employment.
The HKMA will communicate closely with the banks. If the landlord’s repayment ability is affected by the decrease in rental income, the bank will handle it flexibly.
Budget | Relaxing the upper limit of 10 million insured property prices to introduce a progressive rate budget by 90% ︱ Chen Maobo's cold morning final preparation: work with everyone to overcome economic difficulties!
