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HK$16.8b in new round of relief measures announced |
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 Financial Secretary John Tsang has unveiled a new round of relief measures to combat the effects of the global financial crisis.
Announced on May 26, the measures will cost the Government HK$16.8 billion (around A$2.8 billion), bringing the total stimulus package since last year's Budget to HK$87.6 billion (around A$14.6 billion), or 5.2% of GDP.
Mr Tsang described the measures as "simple and direct" and "targeted, timely and effective", with some an enhancement of the relief measures announced in his 2009-10 Budget.
"Economic indicators for the first quarter published recently show our economy is facing severe challenges. As the Chief Executive said on May 14, additional relief measures would be introduced within a month," he said.
Package highlights include raising the one-off tax reduction for 2008-09 salaries tax and tax under personal assessment from 50% to 100% - with a ceiling of HK$8,000. |
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The rates in the 2009-10 fiscal year will be exempted the whole year, with a ceiling of HK$1,500 per quarter per household. It is estimated that 90% of residential and 60% of non-residential properties will benefit. |
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The Government will also pay basic rents for 700,000 public housing tenants for two months, while recipients of social welfare and disability allowances will receive an additional one-month payment. |
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Students from families receiving social welfare assistance will get a HK$1,000 subsidy in the new school year. |
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Financial backing for small and medium-sized enterprises will be strengthened to allow them to borrow more money from banks. Meanwhile, business registration fees and entertainment and restaurant licence fees will be waived for a year. |
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Mr Tsang added more temporary jobs would be created through anti-pandemic campaigns being conducted by various government departments, and the enhanced Operation Building Bright project. |
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Mr Tsang has asked the heads of government agencies to explain their plans to the SAR’s legislature as soon as possible, and to immediately follow up on proposals requiring legislative amendments or funding approval. |
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