Thursday, September 18, 2014   

(2014-15 Budget) HK$20b for relief measures
(02-26 12:22)

Financial Secretary John Tsang Chun-wah announced five relief measures in a bid to ease the Hongkongers' burden, involving about HK$20 billion.
Salaries tax and tax under personal assessment will be reduced by 75 percent for 2013-14, with a ceiling of HK$10,000. About 1.74 million taxpayers will benefit in the territory. This will cost the government about HK$9.2 million.
Profit tax will also be cut by 75 percent, with a ceiling of HK$10,000. This will cost about HK$1 billion.
Rates for the first two quarters of 2014-15 will be waived, with a ceiling of HK$1,500 per quarter. It will help about 3.1 million properties, costing the government HK$6.1 billion.
Public housing tenants will have their rents paid by the government for one month, involving a total of HK$1 billion.
An extra month of allowance of Comprehensive Social Security Assistance, Old Age Allowance, Old Age Living Allowance and Disability Allowance, involving an extra of HK$2.7 billion, will be given.
On top of the above one-off measures, the government is increasing the allowance for maintaining a dependent parent or grandparent aged 60 or above from HK$38,000 to HK$40,000.
For a dependent parent or grandparent aged between 55 and 59, the allowance is increased from HK$19,000 to HK$20,000.
The deduction ceiling for elderly residential care expense will be rasied to HK$80,000, from the current level of HK$76,000.
   
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