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Additional Relief Measures Announced In Hong Kong,
by Mary Swire, Tax-News.com, Hong Kong
Wednesday, May 27, 2009
Hong Kong's Financial Secretary John Tsang has unveiled a new round of relief
measures which will cost the government HKD16.8bn (USD2.1bn), bringing the total
stimulus package since last year's Budget to HKD87.6bn (USD11.2bn), or 5.2%
of GDP.
Announcing the measures on May 26, Tsang described them as "simple and
direct" and "targeted, timely and effective", with some an enhancement
of the relief measures announced in his 2009-10 Budget.
"Economic indicators for the first quarter published recently show our
economy is facing severe challenges. As the Chief Executive said on May 14,
additional relief measures would be introduced within a month," he said.
Highlights of the measures benefiting the general public include raising the
one-off tax reduction for 2008-09 salaries tax and tax under personal assessment
from 50% to 100% - with a ceiling of HKD8,000 (USD1,031).
The rates in the 2009-10 fiscal year will be exempted the whole year, with
a ceiling of HKD1,500 (USD193.465) per quarter per household. It is estimated
that 90% of residential and 60% of non-residential properties will benefit.
The government will pay the basic rent for 700,000 public housing estate
tenants for two months, while recipients of social welfare and disability allowances
will receive an additional one-month payment.
Students from families receiving social welfare assistance will get a HKD1,000
(USD128.977) subsidy in the new school year.
Financial backing for small and medium-sized enterprises will be strengthened
to allow them to borrow more money from banks. Business registration fees and
entertainment and restaurant licence fees will be waived for a year.
Mr Tsang added that more temporary jobs will be created through the anti-pandemic
campaigns being conducted by various departments, and the enhanced Operation
Building Bright project.
He has asked bureaux directors to explain the measures to Legislative Council
Panels as soon as possible, and to expeditiously follow up on proposals requiring
legislative amendments or funding approval.
"We hope to secure the necessary authority to implement this package of
measures before the LegCo recess this summer," he said.
The Executive Council have agreed the additional measures are timely and sensible
and will help businesses preserve and promote employment.
Non-official Members Convenor Leung Chun-ying said the revenue concessions
in the relief package which intend to ease the pressure on people's livelihoods
will help tide them over the economic difficulties brought about by the global
recession.
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