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Sharing Fruits of Success
Other Concessionary Measures
187. Having regard to our substantial fiscal surplus this year, I will introduce the following measures to share the fruits of our economic success with the community:
| (a) |
reducing salaries tax and tax under personal assessment for 2017-18 by 75 per cent, subject to a ceiling of $30,000. The reduction will be reflected in the final tax payable for 2017-18. This will benefit 1.88 million taxpayers and reduce tax revenue by $22.6 billion; |
| (b) |
reducing profits tax for 2017-18 by 75 per cent, subject to a ceiling of $30,000. The reduction will be reflected in the final tax payable for 2017-18. This will benefit 142 000 taxpayers and reduce tax revenue by $2.9 billion; |
| (c) |
waiving rates for four quarters of 2018-19, subject to a ceiling of $2,500 per quarter for each rateable property. This proposal is estimated to benefit 3.25 million properties and reduce government revenue by $17.8 billion; |
| (d) |
providing an extra allowance to social security recipients, equal to two months of the standard rate Comprehensive Social Security Assistance (CSSA) payments, Old Age Allowance, OALA or Disability Allowance. This will involve an additional expenditure of about $7 billion. Similar arrangements will apply to recipients of Low-income Working Family Allowance and Work Incentive Transport Subsidy, involving an additional expenditure of about $379 million. Moreover, I will invite the CCF to consider providing short-term relief for low-income households not living in public housing and not receiving CSSA (commonly known as the "N have-nots households"); |
| (e) |
providing a one-off grant of $2,000 to each student in need to support learning, involving an expenditure of about $740 million; and |
| (f) |
paying the examination fees for candidates sitting for the 2019 Hong Kong Diploma of Secondary Education Examination, involving an expenditure of about $180 million. |
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Last revision date: February 28, 2018