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2016/17 Hong Kong Budget Summary – Tax concessions & one-off relief measures 2016-04-02

Tax Rebates

  • Reduce 75% of final tax payable under Profits Tax, Salaries Tax and tax under Personal Assessment for 2015/16, subject to a ceiling of HK$20,000

Increase the personal allowances to:

  • Basic – HK$132,000
  • Married – HK$264,000
  • Single Parent – HK$132,000

Increase the dependent parent / grandparent allowances to:

  • Basic – HK$46,000 (aged 60 or above) / HK$23,000 (aged between 55-59)
  • Additional – HK$46,000 (aged 60 or above) / HK$23,000 (aged between 55-59)

Increase the elderly residential care expenses to HK$92,000

Others

  • Waive the business registration fees for 2016/17;
  • Waive the rates for all quarters of 2016/17, subject to a celling of HK$1,000 per quarter for each rateable property
  • Provide an extra allowance to Comprehensive Social Security Assistance (“CSSA”) recipients, equal to one month of the Standard rate CSSA payments, and an extra allowance to the Old Age Allowance, Old Age Living Allowance and Disability Allowance recipients, equal to one month of the respective allowances
  • Issue iBond up to HK$10 billion with a maturity of three years, with interest payable to bond holders once every six months at a rate linked to the inflation rates of the last half-year period.
  • Propose to issue Silver Bond, targeting at Hong Kong residents aged 65 or above, with a maturity of three years for the first issuance.