Latest Hong Kong Budget report: www.kpmg.com/cn/en/hk-budget
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On 2 March 2011, the Financial Secretary announced additional measures in response to strong criticism from legislators and the public that the Budget failed to help the needy and the middle-class. Instead of the HKD 6,000 one-time injection into MPF accounts, Hong Kong permanent residents aged 18 or over will receive a HKD 6,000 handout. The HKD 6,000 handout will be allocated to Hong Kong permanent residents through a new platform (yet to be announced) structured to encourage them to save. The Financial Secretary also announced a Salaries Tax reduction of up to 75 percent for the coming year, capped at HKD 6,000. |
On 23 February 2011, the Financial Secretary, John Tsang Chun-wah, delivered his 2011-2012 Budget Speech to the Legislative Council. KPMG China's Budget Summary comments on the implications of the proposed measures announced by the Financial Secretary.
Focus areas:
• Developing the economy
• Caring for people's livelihood
• Preparing for the future