[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▼
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Send 5000 yuan consumption coupon
The government will issue e-vouchers totaling 5,000 yuan in two installments to each eligible permanent resident aged 18 or above and new arrivals to Hong Kong.
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.
▼Financial Budget.
Citizens pay attention to redistribution of consumer coupons and how to promote tourism▼
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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 paid, 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
▼August 7, 2022 The market situation of the first round of issuance of consumer coupons in the second phase of 2022▼
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"Public Transport Fare Subsidy Scheme" extended until October this year
●Extend the temporary special measures under the "Public Transport Fare Subsidy Scheme" for 6 months until 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
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 electricity bill relief plan of 50 yuan per month 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 2023/24 tax year, which is estimated to benefit 324,000 taxpayers and reduce annual tax revenue 610 million yuan
▼August 7, 2022 The market situation of the first round of issuance of consumer coupons in the second phase of 2022▼
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▼Financial Budget.
The government promotes the recruitment of talents ▼
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▼Financial Budget.
Continue to support the grassroots ▼
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▼Financial Budget.
On June 28, 2021, the opening ceremony of the Traditional Chinese Medicine Hospital▼
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▼Financial Budget.
Smokers are concerned about whether the tobacco tax will be increased▼
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▼Financial Budget.
Whether to increase the gaming tax or not becomes the focus ▼
▼Financial Budget.
License plate fee and electric vehicle subsidy▼
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▼Financial Budget.
The first Greater Bay Area youth exchange group of the Youth Affairs Bureau will start on February 7▼
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▼Surpluses and deficits of the Budgets over the years after reunification▼
Budget.
Live｜Proposed to set up a microelectronics R&D institute to lead the Asia-Pacific region budget｜The guild will adjourn tomorrow for a special meeting on Wednesday to listen to Chen Maobo's briefing on the budget｜The tax deduction for hiring foreign domestic helpers is at least 55,000?
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.
When will the 2023-24 Budget be delivered?
The 2023-24 Budget will be presented by Financial Secretary Paul Chan Mo-po on the morning of February 22, 2023...For details, please see.
The 2023 Budget will distribute consumer vouchers again? What is the effect of the past two distributions of consumer vouchers?
CPA Australia pointed out that "double electronic consumption vouchers" can be distributed to eligible Hong Kong residents; ACCA Hong Kong branch also stated that it may consider distributing 10,000 yuan electronic consumption vouchers to each eligible person in Hong Kong.
The "consumer coupons" were distributed twice earlier, and a university in Hong Kong conducted research and released the results. It was found that the most visited shopping venues were... For details of the research, please see.
