Hong Kong SAR Government Financial Secretary John Tsang 1, the SAR Legislative Council 2012-2013 Budget that the Government will be the year 2011-2012 to 75% reduction of salaries tax and personal income class tax, a maximum of 12 000 Hong Kong dollars, 1.5 million taxpayers will benefit.
Mr Tsang said the tax rebate reduction in the taxpayer’s final tax payable for the year 2011-2012 to reflect, this measure will reduce Government revenue of HK $ 8.9 billion.
Mr Tsang also announced six other members of the public to help alleviate the downward pressure on economic measures, including the waiving of rates throughout the year 2012-2013; to each residential electricity account a subsidy of $ 1800; to recipients of Comprehensive Social Security Assistance, Old Age Allowance and Disability Allowance granting additional allowances; payment of two months’ rent for public housing tenants; HK $ 100 million increase in funding to extend and improve short-term food assistance services, and allow all to complete the course in 2012 one year after the student lender to repay student loans.
In addition, Mr Tsang also announced for the middle class people to reduce the tax burden of seven measures, including increasing the basic allowance and single parent allowance, an increase of more than 60 years or dependent parents or grandparents person’s allowance, child allowance increase volume, increased allowance for dependent brothers and sisters, disabled dependent increase in allowances, extended-year home loan interest deduction, the MPF mandatory contributions to improve the annual maximum deductible amount.
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