Hong Kong authorities will offer sweeteners of about HK$22 billion (US$2.8 billion) to residents and businesses, up from HK$7.8 billion last year, as public coffers are set to pivot from a deficit to a surplus.<\/p>\n
Financial Secretary Paul Chan Mo-po on Wednesday announced a raft of tax concessions and allowances in his annual budget, almost three times what was offered last year.<\/p>\n
\u201cHong Kong\u2019s economy shows steady and stable progress, but there are still imbalances and insufficiencies during economic transformation,\u201d he said. \u201cSome residents and enterprises are still facing relatively big challenges.\u201d<\/p>\n
\u201cAs public finance has improved, we wish to support residents and small-to-medium-sized enterprises within our capabilities while upholding the principle of financial prudence.\u201d<\/p>\n
The public coffers are expected to record a consolidated surplus for financial years 2025-26 and 2026-27, despite a capital account deficit over the same period.<\/p>\n
According to the budget, the government would continue to offer a 100 per cent reduction in profit tax, salaries tax and tax under personal assessment in the assessment year 2025\u201326. The ceiling has been doubled to HK$3,000.<\/p>\n","protected":false},"excerpt":{"rendered":"Hong Kong authorities will offer sweeteners of about HK$22 billion (US$2.8 billion) to residents and businesses, up from…\n","protected":false},"author":2,"featured_media":503887,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,253264,253265,164,36029,10340,180658,253266,253267,88810,253268],"class_list":["post-503886","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-business","tag-comprehensive-social-security-assistance-scheme","tag-disability-allowance","tag-economy","tag-financial-secretary-paul-chan-mo-po","tag-hong-kong","tag-old-age-allowance","tag-old-age-living-allowance","tag-one-for-one-replacement-scheme","tag-sme","tag-working-family-allowance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/503886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=503886"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/503886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/503887"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=503886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=503886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=503886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}