Financial Secretary
The Financial Secretary's primary responsibility is to assist the Chief Executive in overseeing policy formulation and implementation in financial, monetary, economic, trade and employment matters.
Each Hong Kong permanent resident aged 18 or over will get $6,000, and there will be reductions of 75% in salaries tax and tax under personal assessment, capped at $6,000, says Financial Secretary John Tsang.
In announcing these revised measures to the 2011-12 Budget after meeting some legislators today, Mr Tsang said, under the new proposal, people can choose to draw the full $6,000 through a platform depending on their needs, and there will be incentives to encourage them to save.
The new measure will replace the original proposal in the Budget which suggested injecting $6,000 into Mandatory Provident Fund accounts.
This measure should be able to benefit most people in Hong Kong, including civil servants, housewives and retirees, added Mr Tsang.
As for the needy who will not benefit from this new measure, he said other arrangements will be made. A separate sum will be set aside to provide relief.
Mr Tsang said the tax-reduction measure was proposed in response to the needs of the middle class.
He hoped these new proposals can leave wealth with people, catering for their needs and views.
