[Financial Budget 2023/Electronic Consumer Vouchers/Pie Sugar/Chen Maobo/Tax Reduction/Deduction/Rate Reduction/Tax Allowance] Financial Secretary Chen Maobo announced a new budget today (22nd).
Chen Maobo announced that this year will continue to distribute consumer vouchers, but the amount will be reduced by half to only 5,000 yuan. The earliest April can be used to withdraw 3,000 yuan from the previous period, and the balance will be distributed in the middle of this year.
The Government has also extended the "Public Transport Fare Subsidy Scheme" until the end of October this year, providing a one-third subsidy for citizens' actual public transport expenses exceeding RMB 200 per month, with a monthly ceiling of RMB 500.
▼The color of the cover of Chen Maobo's budget over the years▼
+9
Send 5000 yuan consumption coupon
●The government will issue a total of 5,000 yuan of electronic consumption coupons to each eligible permanent resident aged 18 or above and new arrivals in two installments.
The government will first pass the registration information of last year's plan, and issue the first 3,000 yuan of consumer coupons to eligible persons in April this year, and the balance will be issued together with new eligible persons in the middle of this year, through different entry schemes to live in Hong Kong and study in Hong Kong Qualified persons will be issued vouchers worth half of the above total amount, that is, a total of 2,500 yuan.
Budget.
Coupon｜Halved $5,000 will be issued in two installments, the fastest will be in April, and $3,000 will be given first
▼Financial Budget.
Citizens pay attention to redistribution of consumer coupons and how to promote tourism▼
+8
Salaries tax and tax under personal assessment reduced by up to $6,000
●Reduce salaries tax and personal assessment tax by 100% for the year of assessment 2022/23, with a ceiling of $6,000, benefiting 1.9 million taxpayers in Hong Kong.
The deduction will be reflected in the final tax payable for the year of assessment 2022/23.
Government revenue will drop by $8.5 billion
Rate reduction for the first two quarters of 2023/24
●Relieve rates for the first two quarters of 2023/24. Residential properties are capped at RMB 1,000 per quarter per household. It is estimated that 3.03 million residential properties will be involved, and government revenue will be reduced by RMB 5.2 billion
Provide CSSA recipients with an extra half of the monthly payment
●To eligible persons receiving social security amounts, the standard amount of comprehensive social security assistance (CSSA), old-age allowance, old-age living allowance or disability allowance equivalent to half a month will be distributed, with an additional expenditure of about 2.721 billion yuan.
Similar arrangements will be made for the Working Family Allowance, with an additional expenditure of about $116 million
Budget 2023 Tax Reduction | 100% reduction in salaries tax and personal income tax ceiling of $6000
▼August 7, 2022 The market situation of the first round of issuance of consumer coupons in the second phase of 2022▼
+8
"Public Transport Fare Subsidy Scheme" extended until October this year
●Extending the temporary special measures under the "Public Transport Fare Subsidy Scheme" for 6 months to the end of October this year, providing a one-third subsidy for citizens' actual public transport expenses exceeding RMB 200 per month, subject to a ceiling of RMB 500 per month , involving an additional expenditure of about 1.08 billion yuan, and is estimated to benefit about 3.5 million citizens per month
Budget｜Transportation subsidy extended CSSA additional half-month food and electricity subsidy $1000
Pay exam fees on behalf of 2024 DSE candidates
●Paying examination fees for school candidates taking the 2024 Hong Kong Diploma of Secondary Education Examination, with an expenditure of 151 million yuan
Provide 1,000 yuan electricity subsidy to residents
●Provide an electricity fee subsidy of 1,000 yuan for each qualified electricity residential user account, involving about 2.9 billion yuan.
The current monthly electricity bill relief plan of 50 yuan for these accounts will be extended until the end of 2025, involving about 3.5 billion yuan.
About 2.9 million residential users will benefit
Increase child allowance to $130,000
● It is proposed to increase the basic tax allowance for children and the additional tax allowance for the tax year of child birth from the current 120,000 yuan to 130,000 yuan starting from the tax year 2023/24, which is estimated to benefit 324,000 taxpayers. Reduced by 610 million yuan
▼August 7, 2022 The market situation of the first round of issuance of consumer coupons in the second phase of 2022▼
+16
100% reduction of the profits tax ceiling by $6,000
●Reduce profits tax by 100% for the year of assessment 2022/23, capped at $6,000, benefiting 134,000 enterprises in Hong Kong.
The deduction will be reflected in the final tax payable for the year of assessment 2022/23.
Government revenue will drop by $720 million
Budget | Waive rates for residential and non-residential properties up to $1,000 per quarter for the first two quarters
Rates concession for non-domestic properties for two quarters
● To reduce rates for non-residential properties in the first two quarters of 2023/24, subject to a ceiling of $1,000 per household per quarter.
An estimated 430,000 non-residential properties were involved.
Government revenue will drop by $740 million
50% rent reduction for tenants of government premises
●From July 2023, 50% of the rent and fees currently applicable to eligible tenants of government premises, eligible short-term tenancy agreements and waivers under the Lands Department will be reduced for a period of 6 months to the end of this year.
Government revenue will drop by about $1 billion
▼Financial Budget.
The government promotes the recruitment of talents ▼
+6
Extend the "SME Financing Guarantee Scheme" to March next year
●The application period for various guarantee products under the "SME Financing Guarantee Scheme" has been extended from the end of June this year to the end of March next year, giving SMEs more room for adjustment
100% Guarantee by Passenger Operators and Travel Agencies
●Provide 100% loan guarantees to qualified passenger operators and licensed travel agents, which is expected to involve a total loan guarantee amount of about 2.7 billion yuan, and is expected to be launched in April this year
●The "Travel Agency Incentive Scheme", which was originally completed at the end of March this year, has been extended for 3 months.
In addition, inject $30 million into the "Travel Agency Information Technology Development Matching Fund Scheme" to encourage the industry to use technology to upgrade and transform
▼Financial Budget.
Continue to support the grassroots ▼
+6
Issue 50 billion yuan of silver bonds
●Plan to issue no less than 50 billion yuan of silver bonds and 15 billion yuan of green retail bonds in the next year, providing citizens with investment options with stable returns
Allocate 100 million to Invest Hong Kong to attract family offices
●Provide 100 million yuan to Invest Hong Kong in the next three years to attract more family offices to Hong Kong.
The Financial Services and the Treasury Bureau has set up a steering group, and key projects include holding the "Essence Heung Kong" Summit Forum at the end of March and providing specialized training for relevant wealth management personnel
Allocate 6 billion yuan to fund scientific research in colleges and universities
●Last year's "Financial Budget" set aside 10 billion yuan to promote the development of Hong Kong's life and health technology. Disciplinary cooperation will invite colleges and institutions that intend to establish a life and health research institute to submit proposals in 2023/24
Set aside 3 billion yuan to promote artificial intelligence and quantum technology
●Reserve 3 billion yuan to promote basic research in cutting-edge scientific and technological fields such as artificial intelligence and quantum technology, especially to leverage Hong Kong’s unique advantages as an international scientific research cooperation platform to introduce leading innovation and technology talents, scientific research teams and enterprises from the Mainland and around the world, Promote cross-disciplinary scientific research cooperation.
Science and Technology Park adds 400 million yuan to help technology start-ups
●In order to strengthen investment in start-ups, the "Technology Enterprise Investment Fund" of the Science and Technology Park Corporation will increase its capital by 400 million yuan to help more potential technology start-ups
The "Enterprise Acceleration Program" of the Science and Technology Park invests an additional 110 million yuan
The Science and Technology Park Corporation will integrate the existing "Enterprise Acceleration Program" and invest an additional 110 million yuan, and jointly launch the "Joint Enterprise Acceleration Program" with partners to cultivate high-potential technology start-ups to become regional or global enterprises
Set aside $260 million for Cyberport to launch smart life start-up incubation program
●Reserve $265 million for Cyberport to launch an incubation program targeting smart living start-ups.
The maximum funding amount of the scheme is $500,000, and targeted professional support and counseling will be provided for start-ups.
It is expected that about 90 eligible start-ups will benefit each year in the next 5 years
▼Financial Budget.
On June 28, 2021, the opening ceremony of the Traditional Chinese Medicine Hospital▼
+8
AA waives airport fees
●In order to support the recovery of air traffic, the Airport Authority will introduce a series of measures, including reducing or exempting airport fees, and providing incentives for the resumption or new opening of routes
Budget｜Discussion on the use of "Fast Speed" in Thailand to induce the opening of new routes by reducing airport fees
Study on tax deduction for aircraft purchase expenses
●Government studies to allow tax deduction for the purchase of aircraft, and to expand the types of leases and the scope of leasing activities, and will submit relevant bills to the Legislative Council in the fourth quarter of this year
Set aside 20 million yuan to promote strategic research on high-end shipping services
●Reserve 20 million yuan to speed up strategic research on the promotion of high-end shipping service industry, and strengthen industry exchanges in the international and Greater Bay Area.
The annual flagship event "Hong Kong Maritime Week" will also expand in scale
A total of HKD 550 million will be allocated to the HKTDC to help Hong Kong enterprises grasp the "Belt and Road"
●The government will allocate a total of HK$550 million to the HKTDC to help Hong Kong enterprises grasp the opportunities brought by the “Belt and Road” initiative and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, explore emerging markets, and strengthen global promotion
Inject 500 million yuan into the "BUD Special Fund" to help small and medium-sized enterprises
●Inject another 500 million yuan into the "Special Fund for Brand Development, Upgrade and Transformation, and Expansion of the Domestic Market" ("BUD Special Fund"), and at the same time launch the "BUD Special Fund" - Easy Application to speed up the approval of applications and allow more small and medium-sized enterprises Use grants to grow your business.
In addition, the Hong Kong Productivity Council has been actively assisting small and medium-sized enterprises to apply for government subsidies, which is widely welcomed by the industry.
I propose to allocate 100 million yuan to strengthen relevant services in the next five years.
▼Financial Budget.
Smokers are concerned about whether the tobacco tax will be increased▼
+3
Allocate an additional $300 million to subsidize secondary schools to promote innovation and technology
●Allocate an additional $300 million to continue providing subsidies of up to $1 million to each publicly-funded secondary school in the next three school years to organize extracurricular activities related to information technology
Allocate $100 million to the construction industry to provide on-the-job training subsidies
●Provide on-the-job training subsidies for students of part-time degree programs related to the construction industry. It is estimated that about $100 million will be allocated.
The Government will also set aside $7 million to cooperate with the Hong Kong Institute of Construction to launch a two-year "first-hire-then-train" subsidy scheme to provide on-the-job training subsidies for students who choose to study construction safety officer courses.
Set aside 200 million yuan to test hydrogen fuel cell double-decker buses
●Reserve 200 million yuan under the new energy transportation fund, and cooperate with franchised bus companies and other stakeholders to carry out trials of hydrogen fuel cell double-decker buses and heavy-duty vehicles in an orderly manner this year to fully test their operation in the local environment feasibility.
The government has also earmarked $350 million to subsidize the construction and trial of electric ferries and related charging facilities by four ferry operators on intra-harbour routes to test the technical and commercial feasibility of using electric ferries in the port. The trials are expected to start in 2024
100% guarantee for the taxi industry to switch to pure electric taxis
●The government will provide a 100% guaranteed loan scheme for the taxi industry to encourage taxi owners to replace existing taxis with pure electric taxis.
The total loan guarantee amount involved in the proposal is expected to be about 6.4 billion yuan
Budget | 100% guaranteed loan for the taxi industry to help car owners switch to pure electric taxis, costing 6.4 billion
▼Financial Budget.
Whether to increase the gaming tax or not becomes the focus ▼
The medical and health budget exceeds 100 billion and 500 million is injected to promote traditional Chinese medicine
The 2023/24 medical and health budget will reach 104.4 billion yuan, accounting for about 19% of the government's current expenditure; plans to inject 500 million yuan into the Chinese Medicine Development Fund
Budget ｜ Post-epidemic medical budget cut by 35% to 104.4 billion to promote drug delivery services
Set aside 100 million yuan to support women's development
●Reserve 100 million yuan to strengthen support for women's development and related work, including assisting women in the transformation of the job market
Regularization and "increase" of living allowance for low-income carers
●From October this year, the two living allowances for low-income caregivers will be normalized and the amount of the monthly allowance will be increased. The expenditure involved will be about 430 million yuan per year
Budget ｜ Caregiver Allowance will be regularized at RMB 3,000 per month from October, involving an expenditure of RMB 130 million
Increase employer's MPF tax deduction for employees over 65 years old
●It is proposed to increase the tax deduction of employers’ voluntary MPF contributions for their employees aged 65 or above from the current 100% to 200%
▼Financial Budget.
License plate fee and electric vehicle subsidy▼
+2
▼Financial Budget.
The first Greater Bay Area youth exchange group of the Youth Affairs Bureau will start on February 7▼
+8
▼Surpluses and deficits of the Budgets over the years after reunification▼
Budget.
Overview｜Consumer coupons will be divided into two phases to distribute 5,000 yuan in tobacco tax plus 30% for sugar reduction. Budget｜The guild will adjourn tomorrow for a special meeting on Wednesday to listen to Chen Maobo's briefing.
Cross-party support for the budget plan to relieve the pressure on the middle class｜Chen Jiaqiang: There is little opportunity to increase taxes, but to reduce "distribution of money" to balance expenditures｜The Chinese People's Political Consultative Conference petitioned for the establishment of grassroots living allowances and reintroduced the "N No Subsidy" budget ｜Can the government distribute more money?
Xu Zhengyu: The economy is improving and the easing policy must be tightened
When will the 2023 $5,000 e-vouchers be issued?
The first $3,000 of e-vouchers will be issued to eligible citizens in April 2023, and the balance of $2,000 will be issued in the middle of the year along with newly eligible persons.
Qualified persons who live in Hong Kong and study in Hong Kong through different immigration schemes will be issued half of the above total amount, which is a total of $2,500.
What is the amount of e-vouchers distributed in Hong Kong in recent years?
In 2021, the value of the e-voucher will be $5,000 and in 2022 it will be $10,000.
Together with the $5,000 consumer vouchers issued in 2023, eligible citizens can receive a total of up to $20,000.
What tax cuts are in the new Budget?
Financial Secretary Chen Maobo announced that the salaries tax and personal income tax for the year of assessment 2022/23 will be reduced by 100%, with a ceiling of $6,000.
What other measures to distribute sugar to benefit the people in the new budget?
In addition to reducing the 100% salaries tax and personal income tax for the 2022/23 tax year, the Hong Kong government will distribute $5,000 electronic consumer coupons to eligible citizens and reduce the rates for the first two quarters of 2023/24. Residential properties With a cap of $1,000 per household per quarter, and the extension of the "Public Transport Fare Subsidy Scheme" until October this year, etc.
details
What support does the new Budget offer to the grassroots?
The Hong Kong government will provide an additional payment equivalent to half a month's allowance to applicants for CSSA, Old Age Allowance, Old Age Living Allowance or Disability Allowance, and will also provide a $1,000 electricity fee subsidy. The temporary special measures of the "Public Transport Fare Subsidy Scheme" will also extend.
Pie Candy Lazy Bag One article read clearly
What are the updates on the 2023 Transport Subsidy Measures?
As mentioned in the Budget, the temporary special measures of the "Public Transport Fare Subsidy Scheme" will also be extended for six months until the end of October 2023, providing a one-third subsidy for citizens' actual public transport expenses exceeding $200 per month. $500 per month is the cap.
details