FS announces lower relief measures for taxpayers
Financial Secretary Paul Chan on Wednesday announced a range of relief measures intended to reduce the economic burden on the public, though help for taxpayers has been scaled back from previous years. Some 1.9 million taxpayers will receive a reduction of up to HK$6,000 on their salaries tax or tax under personal assessment for the 2022/23 financial year. That’s down from a maximum reduction of HK$10,000 for the previous year. Homeowners will receive a rates concession capped at HK$1,000 per quarter for the first two quarters of the coming financial year. For 2022/23, the concession was offered for all four quarters, with a maximum reduction of HK$1,500 for the first two quarters and HK$1,000 for the previous quarters. Chan also announced an increase in the basic and additional child tax allowance, from HK$120,000 to HK$130,000. He said the changes would benefit an estimated 324,000 taxpayers and cost the government HK$610 million. Social security recipients will receive an allowance equal to half the monthly standard rate of the Comprehensive Social Security Assistance payment. The same arrangement was offered last year. Chan said the government would again cover the fees for pupils sitting the Diploma of Secondary Education exams next year, while a subsidy of HK$1,000 for each domestic electricity account would also be repeated.  The minister said temporary measures under the Public Transport Fare Subsidy Scheme would also be extended for six months until October. It means commuters will continue to receive one-third of their public transport spending above HK$200 back each month, up to a maximum of HK$500.  The relief measures are in addition to a new round of consumption vouchers announced earlier in the budget.