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News and Updates

 

The Budget 2019-2020

 

On 27 February 2019, Financial Secretary, the Honourable Paul Chan Mo-po, delivered the budget speech. In his 2019-20 Budget, he laid out a series of economic relief measures.

Highlights of the budget

One-off measures:

1. 75% tax reduction subject to a cap at $20,000 per case of salaries tax and tax under personal assessment for 2018/19.

2. 75% tax reduction subject to a cap at $20,000 per case of profits tax for 2018/19.

3. Rates concession for the four quarters of 2019/20, subject to a cap of $1,500 per quarter for each rateable property.

4. Provide an extra allowance to social security recipients, equal to one month of the standard rate Comprehensive Social Security Assistance (CSSA) payments, Old Age Allowance (OAA), Old Age Living Allowance (OALA) or Disability Allowance. Similar arrangements will apply to Low-income Working Family Allowance (LIFA) and Work Incentive Transport Subsidy.

5. Provide a one-off grant of $2,500 to each student in need to support learning.

6. Pay the examination fees for candidates sitting for the 2020 Hong Kong Diploma of Secondary Education (HKDSE) Examination.

7. Provide a one-off additional $1,000 worth of Elderly Health Care Vouchers, and increase the accumulation limit of vouchers to $8,000.

8. Waive the business registration fees for 2019-20.

Profit tax

1. Profits tax rate for the first HK$2 million of profits of corporations / unincorporated business will be lowered to 8.25% and 7.5% respectively. The remainder of profits of corporations / unincorporated business remain at 16.5% and 15% respectively.

Salareis tax

1. Standard tax rate remain unchanged.

Other tax relief

1. Provide a tax reduction for people who purchase eligible health insurance products for themselves or their dependants under the Voluntary Health Insurance Scheme, at the upper limit of $8,000 per insured person.

2. Provide a tax reduction for voluntary contributions made to the Mandatory Provident Fund (MPF) and contributions made to deferred annuity products under Life Annuity Scheme, at the upper limit of $60,000 .

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

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