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Hong Kong: Tax Reductions Proposed |
| Source: |
news.gov.hk |
| Source Date: |
Wednesday, February 01, 2012 |
| Focus: |
ICT for MDGs
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| Country: |
China |
| Created: |
Feb 07, 2012 |
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Financial Secretary John Tsang proposes cutting salaries tax and tax under personal assessment for 2011-12 by 75%, benefiting 1.5 million taxpayers.
In his 2012-13 Budget address at the Legislative Council today, Mr Tsang proposed seven one-off measures to help ease the pressure of the economic downturn on the community. They are:
* reducing salaries tax and tax under personal assessment for 2011-12 by 75%, subject to a ceiling of $12,000;
* waiving rates for 2012-13, subject to a ceiling of $2,500 per quarter for each rateable property;
* granting each residential electricity account a subsidy of $1,800;
* providing an extra allowance to Comprehensive Social Security Assistance recipients, equal to one month of the standard rate payments, and an extra allowance to Old Age Allowance and Disability Allowance recipients, equal to one month of the allowances;
* paying two months’ rent for public housing tenants;
* allocating another $100 million to the short-term food assistance services when necessary; and,
* giving all student loan borrowers who complete their studies this year the option to start repaying their student loans one year after completing studies.
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