(Budget 2024-25) Sweeteners of HK$11.5b less sweet from previous year

Financial chief Paul Chan Mo-po handed out fewer sweeteners in the annual budget announced on Wednesday, with the one-off measures totaling HK$11.5 billion - smaller than the HK$59.4 billion in the last budget.

No electricity subsidy has been announced, while consumption vouchers have been scrapped. The government will also not pay the examination fees for school candidates sitting the Hong Kong Diploma of Secondary Education Examination in 2025.

A 100 percent salaries tax deduction will continue to be offered to taxpayers, yet it will have a HK$3,000 ceiling, half the level of last year. Property owners can only apply for one quarter of rate concessions, up to HK$1,000 for each site, instead of two quarters last year.

Meanwhile, recipients of social security benefits, including the Comprehensive Social Security Assistance, Old Age Allowance, Old Age Living Allowance, Disability Allowance and Working Family Allowance will receive an allowance equal to half the standard monthly rate of their benefits. The same arrangement was offered last year.

Speaking at a press conference this afternoon, Chan pleaded for the public’s understanding.

"I hope people will understand we have really tried our very best. We have a few years' budget deficit, this year it's going to be a deficit again,

"So there are certain limitations as to the room within which we can hand out those sweeteners.

"We think it's appropriate for us to still give some relief support, but we have to scale it back, a little bit," Chan added.