Hong Kong's Gesetzgeber hören Financial Secretary John Tsang Chun-wah Bericht über das jährliche Budget der Regierung von Hongkong in Hongkong, China, 2.
Hong Kong's legislators listen to Financial Secretary John Tsang Chun-wah's report about the annual Hong Kong government budget in Hong Kong, China, 25 February 2015. Hong Kong's government on Wednesday (25 February 2015) announced deeper tax cuts and handouts aimed at easing the financial burden on residents. The measures, which include a significant cut in personal and business taxes, come after the city's biggest pro-democracy protests ended in December. In his annual budget address before legislators, Financial Secretary John Tsang said there would be 34 billion Hong Kong dollars (US$4.4 billion) of relief measures, up nearly 70% from last year. The salaries tax or personal income tax for 2014-2015 will be cut by up to HK$20, 000 per taxpayer, up from HK$10, 000 previously, the government said. The profits tax for businesses will also be reduced, with a maximum reduction of HK$20, 000. Child allowances will be raised to HK$100, 000 from 2015-2016, compared with HK$70, 000 now. The measures "should help alleviate the financial burden on the public, stimulate consumption, stabilize the economy and preserve employment, " Mr. Tsang said. "Together with other measures in the budget, they will have a fiscal-stimulus effect of boosting GDP by one percentage point."
