Yep, Financial Secretary John Tsang, that dude with the baller ‘tache, unveiled the exact nature of HKD34 billion of sweeteners in his Hong Kong budget today.
But what the hell does that mean to us? Let us attempt to explain:
– At least 1.8 million taxpayers will benefit from a reduction of 75 percent in their salaries tax, capped at HKD20,000. That means you may well get a tasty little rebate cheque coming your way. Yippee!
– Around 130,000 businesses will benefit from the government foregoing HKD1.9 billion in profits tax. If you own a business, this means you might not get TOTALLY shafted this year. Whoop!
– HKD290 million has been set aside to help businesses hurt by Occupy Central, including the waiving of licence fees for restaurants and food outlets. This means your favourite little Mong Kok noodle shop might still survive yet. Bravo!
– Child allowance will be increased from HKD70,000 to HKD100,000. This means you can afford a few more violin lessons this year. Phew!
– Each rateable property will receive one-time rate waivers for the first two quarters of 2015-2016, subject to a ceiling of HKD2,500. This means if you don’t abuse your air con too much, you won’t have to pay an electricity bill for a while. Hell yes!
– Those on social security, disability and old age allowances will receive an increase of payments equal to two months’ benefits. This means they’ll be fewer crumpled old people picking up cardboard on the streets. Just kidding. Unfortunately, they’ll still be poor as shit.
Tsang says he expects a budget surplus of HKD63.8 billion for the financial year ending March 31.
Photo: デニス モジョ
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