The new "Financial Budget" will be announced next Wednesday (22nd). The Taxation Institute of Hong Kong recommends that the government once again issue 5,000 yuan electronic consumer coupons to each citizen, and exempt eligible citizens from stamp duty on first-time home buyers, and increase salary tax exemption. Amount, etc., to improve people's livelihood.
Liu Zhaohua, president of the society, attended a radio program and pointed out that due to the impact of the epidemic, the government is expected to record a fiscal deficit of more than 100 billion yuan in the fiscal year ending March this year.
Even though cross-border trade and personnel flows are gradually recovering, factors such as geopolitics and inflation will affect the pace of recovery, so small-scale counter-cyclical measures must be introduced.
Liu Zhaohua said that Hong Kong's tax system is simple and tax revenue is easily fluctuated by external factors. He suggested that the government continue to explore the expansion of the narrow tax base, including the introduction of new taxes or levies.
In terms of attracting talents, scholars suggest providing tax deductions for companies that hire overseas talents, or providing rent relief or subsidies for overseas people who come to work in Hong Kong.
Budget｜CPA Australia calls for doubling the tobacco tax and distributes 8,000 yuan electronic consumer coupon Budget to compete for talents｜ACCA: The government should continue to issue 10,000 yuan of consumer vouchers to salaries tax and introduce a two-tiered tax system. Budget｜Ernst & Young: The government’s fiscal deficit may reach 135 billion and it is not recommended to distribute consumer vouchers
