Today HK Gov annonced new budget plan for 2007~08!!
It's glad to hear that:
It's glad to hear that:
- to increase the child allowance by $10,000 to $50,000 and introduce an additional one-off child allowance of $50,000 for each child in the year of birth
- to increase the maximum amount of deduction for self-education expenses by $20,000 to $60,000 to encourage employees to seek continual self-advancement through learning
- To reduce by half the duty rates on wine, beer and other types of liquor containing not more than 30% of alcohol to help promote the development of our catering industry, tourism and wholesale and retail alcoholic beverage trade, thereby benefiting the community at large. This will cost the Government about $350 million a year
- to waive 50% of salaries tax and tax under personal assessment assessed for 2006-07, subject to a ceiling of $15,000. The waived amount will be deducted from the taxpayer’s final tax payable for that year. This will cost the Government about $8.1 billion in 2007-08
- to waive rates for the first two quarters of 2007- 08, subject to a ceiling of $5,000 a quarter. Over 99% of domestic properties and 86% of non-domestic properties will be subject to no rates in these two quarters. This will cost the Government $5.2 billion in 2007- 08
