Each permanent Hong Kong resident aged 18 or above will get 6,000 HK dollars (about 770 U.S. dollars) and reductions of 75 percent in salaries tax and tax under personal assessment, capped at 6,000 HK dollars, said the city's Financial Secretary John Tsang on Wednesday. In announcing these revised measures to the 2011-12 Budget after meeting with some legislators Wednesday, Tsang said that under the new proposal, people can choose to draw the full 6,000 HKD 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 HKD into Mandatory Provident Fund accounts, a system designed as a retirement protection and was launched in 2000 in the city. This measure should be able to benefit most people in Hong Kong, including civil servants, housewives and retirees, added 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. Tsang said that the tax-reduction measure was proposed in response to the needs of the middle class. He hoped that these new proposals can leave wealth with people, catering for their needs and views. (1 U.S. dollar equates 7.79 Hong Kong dollars)
HONG KONG, March 2 (Xinhua) -- Each Hong Kong permanent resident aged 18 or over will get 6,000 HK dollars (about 770 U.S. dollars) and reductions of 75 percent in salaries tax and tax under personal assessment, capped at 6,000 HK dollars, said the city's Financial Secretary John Tsang on Wednesday.
I heard it was people who are permanent residents, so people born in HK and lived there for at least 7 years. Then another friend said this was a fraud or summin lol is there an actual website with official details on this?
If you are a permanent resident aka 3 star then you get the dough! But you don't need to go to HK to claim. Details of how to get it will be announced later
overseas citizen can get it. but you have to go and get it. for overseas, its more like a free trip back than anything else.
Despite its obvious popularity, this is probably one of the most fiscally irresponsible things that HK has ever done, to the tune of 41 Billion Hong Kong Dollars. While tax burden relief or cash assistance is certainly recognized as needed for select segments of HK society; to issue a blanket payment to every resident sets a dangerously unsound precedent. The monies should have been reinvested in pensions as originally intended. HK's budget isn't always going to be in the black. My fear is, that one day, in the midst of some unforeseen financial crisis, this moment is going to be retrospectively reflected upon as unthinking and unwise frivolity.
Well, blame it all on Macau Gov, they started paying out 2 years ago. In Macau, every citizen receive $4000 HKD So if you have HK and Macau ID then you got $10000 HKD to burn. BTW this is not as irresponsible as you mentioned. The US Gov was irresponsible, they have a huge deficit and handed out money their citizens to stimulate the economy
So years from now, when retiring HK pensioners are being told of shortfalls in their accounts, what you suggest is, that HK's government can tell them that the US is even more irresponsible with American finances, right? LOL... Typical Pro China knee jerk reflex of saying that the US has it worse. Why is it that people can't seem to discuss anything about China (or subsets thereof) without comparison to the US? Frankly, even your premise (that the US is being more irresponsible) is questionable; the US is ostensibly doing it to stimulate their economy as Americans are being laid off and unemployment is at record highs. The question then becomes, what is HK doing it for? I can understand the rationale if unemployment in HK (at 5.2%) was at US levels (9.8%); but it isn't. So is HK actually being more or less fiscally responsible (when compared to than the US) by giving this money away when there is really no economic need to stimulate its economy? I understand that there are implicit and vast differences to municipal and national economies and fiscal policies, but we'll temporarily set them aside just for argument's sake. I eagerly await your response.
