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MAJOR MEASURES PROPOSED IN 2023-2024 BUDGET
MAJOR MEASURES PROPOSED IN 2023-2024 BUDGET
In his Budget delivered on 22 February 2023, the Financial Secretary of HKSAR proposed the following major measures:
- Electronic consumption vouchers
Issue $5,000 electronic consumption vouchers in instalments to each eligible Hong Kong permanent resident and new arrival aged 18 or above.
$2,500 vouchers will be disbursed to eligible persons who have come to live in Hong Kong through different admission schemes or to study.
- Reducing profits tax, salaries tax and tax under personal assessment for the year of assessment 2022/23
One-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2022/23 by 100%, subject to a ceiling of $6,000 per case. The proposed tax reduction is not applicable to property tax. Individuals with rental income, if eligible for personal assessment, may be able to enjoy such reduction under personal assessment.
- Provide rates concession for 2023/24
Offer rates concession for 2 quarters of 2023/24. The concession ceiling per quarter is $1,000.
- Concessionary low-interest loan
To extend the application period of 100% guarantee low-interest loan for enterprises to the end of March 2024.
- Support cross‑boundary passenger transport and the tourism industry
To offer fully guaranteed loans for eligible passenger transport operators and licensed travel agents.
- Subsidy to electricity charges
To grant a subsidy of $1,000 to each residential electricity account.
- Pay extra half month of allowances
Offer to pay extra half month allowance of standard CSSA payment, Old Age Allowance, Old Age Living Allowance or Disability Allowance. Similar arrangements will apply to Working Family Allowance and Individual-based Work Incentive Transport Subsidy.
- Pay examination fees
To pay examination fees for school candidates sitting for 2024 HKDSE Examination.
- Rental reduction
Starting from July 2023, to grant 50% rental or fee concession for eligible Government properties or short-term tenancies and waivers for 6 months.
- Increase basic child allowance and the additional child allowance for each child born during the year of assessment
Increase basic child allowance and the additional child allowance for each child born during the year of assessment from HK$120,000 to HK$130,000 starting from the year of assessment 2023/24.
- Adjusted value bands of ad valorem stamp duty payable for the sale and purchase or transfer of residential and non-residential properties (Rates at Scale 2) (including marginal relief)
| Amount or value of the consideration (whichever is the higher) |
Rate |
| Up to $3,000,000 | $100 |
| $3,000,001 to $3,528,240 | $100 + 10% of the excess over $3,000,000 |
| $3,528,241 to $4,500,000 | 1.5% |
| $4,500,001 to $4,935,480 | $67,500 + 10% of the excess over $4,500,000 |
| $4,935,481 to $6,000,000 | 2.25% |
| $6,000,001 to $6,642,860 | $135,000 + 10% of the excess over $6,000,000 |
| $6,642,861 to $9,000,000 | 3.00% |
| $9,000,001 to $10,080,000 | $270,000 + 10% of the excess over $9,000,000 |
| $10,080,001 to $20,000,000 | 3.75% |
| $20,000,001 to $21,739,120 | $750,000 + 10% of the excess over $20,000,000 |
| $21,739,121 and above | 4.25% |
For details, please refer to the follow official link:
https://www.budget.gov.hk/2023/eng/speech.html
Should you have any questions on these, please do not hesitate to contact us.
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