Supporting People and Enterprises
72. Having regard to the economic pressure faced by some industries and the people, and the Government's financial position this year, we will introduce the following measures:
| (a) | provide rates concession for domestic properties for the first quarter of 2024/25, subject to a ceiling of $1,000 for each rateable property. This measure is estimated to involve 3.08 million domestic properties and reduce government revenue by $2.6 billion; |
| (b) | provide rates concession for non‑domestic properties for the first quarter of 2024/25, subject to a ceiling of $1,000 for each rateable property. This measure is estimated to involve 430 000 non‑domestic properties and reduce government revenue by $370 million; |
| (c) | reduce salaries tax and tax under personal assessment for the year of assessment 2023/24 by 100 per cent, subject to a ceiling of $3,000. The reduction will be reflected in the final tax payable for the year of assessment 2023/24. This measure will benefit 2.06 million taxpayers and reduce government revenue by $5.1 billion; |
| (d) | reduce profits tax for the year of assessment 2023/24 by 100 per cent, subject to a ceiling of $3,000. The reduction will be reflected in the final tax payable for the year of assessment 2023/24. This measure will benefit 160 000 businesses and reduce government revenue by $430 million; and |
| (e) | provide an allowance to eligible social security recipients, equal to one half of a month of the standard rate Comprehensive Social Security Assistance (CSSA) payments, Old Age Allowance, Old Age Living Allowance or Disability Allowance, while similar arrangements will apply to recipients of the Working Family Allowance, altogether involving an additional expenditure of about $3 billion. |
| Previous Page | Content | Next Page |
