FS's Budget: more sweeteners and tax rebates

In Financial Secretary Paul Chan's Budget delivered to the Legislative Council, he noted that as the government’s consolidated accounts turned from a deficit to a surplus this year, "sweeteners" are also more generous than last year.

Chan said:

"The maximum 100% rebate for taxpayers' salaries tax and personal income tax has increased from HK$1,500 this year to HK$3,000, benefiting approximately 2.12 million taxpayers.

The maximum profit tax rebate has also been increased to HK$3,000, benefiting approximately 170,000 businesses.

These two measures combined will reduce government revenue by approximately HK$5.8 billion.

Rates relief has also been increased, with reductions in the first two quarters of next year. The maximum per household per quarter remains at HK$500, affecting approximately 3.59 million residential and non-residential properties, resulting in a loss of approximately HK$3.5 billion in government revenue."