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Hong Kong Readies Cash Handout

by Mary Swire, Tax-News.com, Hong Kong

17 August 2011


Hong Kong’s Secretary for Financial Services and the Treasury, Professor KC Chan, has announced that the government will launch its cash handout scheme on August 28, 2011.

It had been previously confirmed that HKD38.5bn (USD4.9bn) will be required to fund the scheme, which was announced following the 2011-12 Budget in substitution for a one-off payment into individual mandatory provident fund accounts, and which envisages the payment of HKD6,000 each to all Hong Kong permanent identity card holders aged 18 and above.

Noting that the scheme will involve more than 6m eligible persons, Chan said a batching arrangement is being adopted in the first 10 weeks upon the commencement of the scheme. Eligible persons may register in five batches during this period according to their year of birth, with each batch lasting two weeks. He added that, "to facilitate registration by members of the public, registration forms will be made available from August 22."

Persons who meet the eligibility criteria on August 28 but who choose to receive the sum later may register from April 1, 2012, to December 31, 2012, so as to receive HKD6,000 plus a bonus of HKD200. Those who do not fulfil the eligibility criteria on August 28, but who will do so by March 31, 2012, may register for HKD6,000 on or after April 1, 2012. Registration for the scheme will close on December 31, 2012.

TAGS: individuals | tax | economics | fiscal policy | budget | Hong Kong | individual income tax

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