Windfall for Hong Kong residents
Source: Xinhua |
March 3, 2011, Thursday
|
Print Edition
Print Edition
EACH permanent Hong Kong resident aged 18 or above will receive HK$6,000 (US$770) and reductions of 75 percent in income tax and tax under personal assessment, capped at HK$6,000, the city's -Financial Secretary John Tsang said yesterday.
While announcing the revised measures to the 2011-12 budget after a meeting with legislators yesterday, Tsang also said that people can choose to draw the full HK$6,000 depending on their needs - however they are encouraged to save it in a special account.
The new measure will replace the original proposal in the budget which suggested injecting HK$6,000 into Mandatory Provident Fund accounts, a system designed as a retirement fund that was launched in 2000.
This measure should be able to benefit most people in Hong Kong, including civil servants, housewives and retirees, added Tsang.
As for those who will not benefit from the new measure, he said other arrangements will be made. A separate sum is to be set aside for them.
Tsang said that the tax-reduction measure was proposed in response to the needs of the middle class.
He said that he hoped that the new proposals will cater to people's needs.
While announcing the revised measures to the 2011-12 budget after a meeting with legislators yesterday, Tsang also said that people can choose to draw the full HK$6,000 depending on their needs - however they are encouraged to save it in a special account.
The new measure will replace the original proposal in the budget which suggested injecting HK$6,000 into Mandatory Provident Fund accounts, a system designed as a retirement fund that was launched in 2000.
This measure should be able to benefit most people in Hong Kong, including civil servants, housewives and retirees, added Tsang.
As for those who will not benefit from the new measure, he said other arrangements will be made. A separate sum is to be set aside for them.
Tsang said that the tax-reduction measure was proposed in response to the needs of the middle class.
He said that he hoped that the new proposals will cater to people's needs.
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