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HK Budget's One-off Relief Measures Double YoY to $15.8B; Tax Allowances Adjusted for First Time in Yrs: Sources
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In light of improved fiscal conditions of the Hong Kong government, the new Budget will see one-off relief measures double year-on-year to HKD15.8 billion, described as "a bigger sweetener"; and the ceiling for rates reduction, salary tax, and profits tax rebates will also double, according to government sources. The allowance for supporting parents or grandparents will increase by 10%, marking the first adjustment since the FY2018/19; and the child allowance will increase by 7.7%, with the last adjustment in the FY2023/24, sources divulged. Sources emphasized that the adjustments to the allowances are permanent and regular, resulting in the government collecting HKD5.2 billion less annually. AASTOCKS Financial News Website: www.aastocks.com |
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