25 February 2015
2015/16 HONG KONG BUDGET HIGHLIGHT
The 2015/16 Hong Kong budget was presented by the Hong Kong Financial Secretary on 25th February 2015. The Financial Secretary introduced various short term and long term relief measures as well as focusing on government spending in various business sectors.
HIGHLIGHTS AND RELIEF MEASURES
- The Hong Kong GDP for 2014 was 2.3% whilst the forecast for 2015 is 1%-3%
- Total government revenue for 2015-16 is estimated to be $477.6 billion, of which earnings and profits tax and salaries tax is estimated at HKD133.1 billion and HKD53.8 billion respectively
- Reduce salaries tax and tax under personal assessment for 2014-15 by 75 per cent, subject to a ceiling of $20,000. The reduction will be reflected in the final tax payable for 2014-15
- Reduce profits tax for 2014-15 by 75 per cent, subject to a ceiling of $20,000. The reduction will be reflected in the final tax payable for 2014-15
- Increase the basic and additional child allowances from $70,000 to $100,000 from 2015-16 onwards
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