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Budget 2008-2009:
Tax Rates
165. On salaries tax and tax under personal assessment, in his Policy Address the Chief Executive announced the lowering of the standard rate of salaries tax in 2008-09 by one percentage point to 15 per cent. This takes us back to the level in 2002-03. This standard rate is also applicable to tax under personal assessment, profits tax of unincorporated businesses, and property tax. This proposal will cost the Government $960 million a year.
Tax Reduction
166. I now propose a one-off tax reduction of 75 per cent of salaries tax and tax under personal assessment for 2007-08, subject to a ceiling of $25,000. The reduction will be reflected in the taxpayer's final tax payable for 2007-08. This proposal will cost the Government $12.4 billion in 2008-09 and benefit 1.4 million taxpayers. After the reduction, about a million taxpayers will pay no more than $5,000 in tax.
Tax Allowances
167. In addition to the one-off tax reduction, I propose to raise the basic allowance and the single parent allowance from $100,000 to $108,000. I also propose to increase the married person's allowance from $200,000 to $216,000. These proposals will cost the Government $1.31 billion annually.
168. Upon implementation of the proposals, all the major allowances and tax rates will have reverted to their 2002-03 levels. The child allowance, allowance for dependent parent/grandparent aged 55 to 59 and the deduction ceilings for self-education expenses and charitable donations will all be higher than their 2002-03 levels.
Property Tax
173. I propose a one-off tax reduction of 75 per cent of property tax for 2007-08, subject to a ceiling of $25,000. The reduction will be reflected in the taxpayer's final tax payable for 2007-08. The proposal will benefit 100000 taxpayers and cover 115 000 properties. It will cost the Government $680 million.
Rates
174. As for rates, I propose to waive rates for 2008-09, subject to a ceiling of $5,000 per quarter for each rateable tenement. It is estimated that 99 per cent of domestic properties and 85 per cent of non-domestic properties will be subject to no rates in the year. This proposal will cost the Government $11.2 billion. |
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