Hong Kong's latest budget is here!
On February 22, Hong Kong's "Lord of Wealth" Chen Maobo announced the much-anticipated 2023-2024 Hong Kong Budget.
The cover of the Budget this time is "Orange", and the theme is "Steady Leaps Forward, A New Vision of Prosperity Together", which means that Hong Kong will ride the wind and usher in the bright sunshine.
Let's take a look at what "sugars" the Hong Kong government has issued with Xiaoxing!
HONGKONG
All people give money
This year, the Hong Kong government will once again distribute consumer coupons, but compared to last year's 10,000, this year's amount will be halved to 5,000 Hong Kong dollars per person!
【Voucher Amount】
★ Eligible permanent residents aged 18 or above and new arrivals to Hong Kong: 5,000 yuan
★ Qualified persons living in Hong Kong and studying in Hong Kong through different immigration schemes: 2,500 yuan
[Distribution time of consumer vouchers]
★ The first phase of 3,000 yuan will be issued in April this year
★ The second installment of RMB 2,000 will be issued in the middle of the year (newly qualified persons will be issued in the second installment)
[Eligibility for Coupon Issuance]
★ Over 18 years old;
★ Belong to any of the following identities:
① Hong Kong permanent residents;
② New arrivals to Hong Kong;
③ Dependents, but only dependents guaranteed by permanent residence in Hong Kong;
④ Hong Kong residents who are currently or in the future eligible to apply for permanent residence, such as talents, professionals, Entrepreneur Entrant Program holders, IANG visa holders, student visa holders, etc.
The method of issuing consumer coupons is still through "stored value tools", such as Octopus and Alipay.
HONGKONG
Investment immigration restart
The most important news in this budget is undoubtedly the restart of investment immigration!
The Hong Kong government revealed that it will introduce a new "Capital Investor Entrant Scheme", which allows people to apply for living and developing in Hong Kong after investing a certain amount of assets in the Hong Kong market, but property investment is not included.
It is reported that the plan is likely to be officially launched from April 1. The Secretary revealed some details of the new "Hong Kong Investor Entrant Scheme", including:
★ The plan will not include mainland residents
★ The investment capital of the new plan is expected to double that of the old requirement of 10 million, which does not include property investment
★ In addition to financial assets, investment assets will also consider industries that are beneficial to Hong Kong's long-term development, such as start-ups and innovation and technology
For the latest situation and more details, Xingyunhai International will follow up for you in time!
HONGKONG
tax cut
personal
Reduce the salaries tax and personal income tax by 100% for the year of assessment 2023/24, capped at $6,000.
According to a rough estimate, if the annual salary is less than 250,000, you can basically pay zero taxes. It is estimated that 1.9 million taxpayers in Hong Kong will benefit.
enterprise
There are also a range of reliefs for corporate tax, as follows:
1. 100% profit tax reduction for the year of assessment 2022/23, capped at HK$6,000.
2. Reduce or exempt non-residential property rates for the first two quarters of 2023/24, with a cap of HK$1,000 per household per quarter.
3. From July 2023, 50% of the rent and fees currently applicable to eligible tenants of government premises, eligible short-term leases and waivers under the Lands Department will be waived for a period of 6 months until the end of this year.
4. Extend the application period for various guarantee products under the "SME Financing Guarantee Scheme" from the end of June this year to the end of March next year.
tax deduction for buying a house
For houses below 3 million, the stamp duty is only 100 Hong Kong dollars, and for houses between 3 million and 10 million, the stamp duty is also reduced, and it remains unchanged for more than 10 million.
New tax requirements:
This policy can be described as a major benefit to buyers of small and medium-sized houses, and can save tens of thousands of dollars in stamp duty.
HONGKONG
universal subsidy
1: Electricity subsidy
The electricity fee subsidy of 1,000 yuan for all residential users has reached a total of 2.9 billion yuan.
According to estimates, taking a family of three in Hong Kong as an example, the annual electricity bill can be reduced by nearly one-third!
2: Transportation subsidies
Until the end of October this year, if the monthly transportation expenses exceed 200 Hong Kong dollars, 1/3 of the excess part can be subsidized, with a monthly upper limit of 500 yuan.
3: Rate (property tax) relief
Reduce or waive rates for the first two quarters of 2023/24, subject to a cap of $1,000 per household per quarter.
4: Subsidies for the Poor
For CSSA, Old Age Allowance, Old Age Living Allowance, Disability Allowance, and Working Family Allowance, an extra half a month will be added, which is equivalent to changing 12 salary to 12.5 salary.
5: Pay the DSE examination fee
The Hong Kong government will pay the DSE examination fee for the candidates in the school, and the candidates can save 400-700 Hong Kong dollars, involving a total financial expenditure of 151 million.
HONGKONG
Happy Hong Kong
Restoring tourism is also a priority in this year's Budget.
In order to fully return to normal and attract tourists to Hong Kong, the government has decided to spend more than 250 million yuan to continue to hold large-scale events, and provide about 300 million yuan to strive for more large-scale events, conferences and exhibitions to be held in Hong Kong, and to strengthen the promotion of Hong Kong's new advantages.
It is worth noting that the Hong Kong government has also launched the "Happy Hong Kong" project this time, trying to make Hong Kong alive and moving through activities such as food, entertainment, and cultural and youth creations.
The above is only a part of Hong Kong's "2023-24 Budget". The budget also involves talents, technology, finance, aerospace, trade and other aspects.
Interested friends can log on to the official website to view the complete "2023-24 Budget": www.budget.gov.hk
It can be seen that Hong Kong is working hard on the road to normalcy, and the future will surely be bright. Whether you start a business, do business or work in Hong Kong, you can enjoy many advantages and benefits when you obtain a Hong Kong identity!
If you are also considering Hong Kong identity, welcome to consult Xingyunhai International~
Cyprus
Turkey
Saint Kitts and Nevis
Greece
