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SCMP Reporters

Hong Kong finance chief Paul Chan Mo-po unveiled the 2019-20 budget on Wednesday amid slower economic growth and a smaller fiscal surplus. Chan offered the usual tax breaks to salary earners and businesses as well as rate waivers for property owners and subsidies for students – but the sweeteners he dished out this year were less sweet than last.
Here’s a summary of who stands to benefit and from what.
LOW INCOME
● One extra month of payments at the standard rate for recipients of Comprehensive Social Security Assistance (CSSA), work incentive transport subsidies or receiving low-income working family allowance
Hong Kong budget 2019 as it happened
WORKERS
● Salaries tax and tax under personal assessment for 2018-19 cut by 75 per cent, subject to a ceiling of HK$20,000
PROPERTY OWNERS
● Property owners get rates waivers for all of 2019-20 capped at HK$1,500 per quarter per property
Six key takeaways from the 2019 Hong Kong budget
STUDENTS
● One-off grant of HK$2,500 to students in need of learning support
● Fees for 2020 Hong Kong DSE Examination paid for by government
ELDERLY
● One-off additional HK$1,000 in value for Elderly Health Care Vouchers; accumulation limit of vouchers raised from HK$5,000 to HK$8,000 to allow greater flexibility
SCMP budget calculator: Work out how the Hong Kong budget affects you
BUSINESSES
● Business registration fees waived for all of 2019-20
● 75 per cent reduction in profits tax for 2018-19 assessment year, subject to HK$20,000 cap
● Marine insurance businesses get a 50 per cent profits tax concession
SMALL AND MEDIUM-SIZED ENTERPRISES
● Extension of the application period for the special concessionary measures under the SME Financing Guarantee Scheme to June 2020
● Regularised funding from the Technology Voucher Programme to subsidise investments into tech to raise productivity; and doubling of the funding ceiling to HK$400,000


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Financial Secretary Paul Chan after presenting the 2019-2020 budget. This year he offered tax breaks to salary earners and subsidies for students . Photo: Sam Tsang

News

Hong Kong

Hong Kong finance chief Paul Chan lays out spending plan amid slower growth and a shrinking fiscal surplus
Chan provides breaks for workers, students and businesses but the assistance was not at last year’s level.


Hong Kong finance chief Paul Chan lays out spending plan with tax breaks for workers and businesses, as well as subsidies for students and the elderly.
