[1] Last month, Treasury Secretary Paul Chan Mopo released a blueprint for Hong Kong’s annual budget as it seeks to recover from the coronavirus downturn. Here are some takeaways from the budget speech.
[2] To ease the burden on the people, Mr. Chan announced a 100% reduction in payroll tax, still capped at HK$6,000, subject to a HK$1,000 subsidy for electricity bills. Chan also announced for the first time a relief package for permanent residents buying small to medium-sized apartments. Eligible homebuyers will pay lower stamp duty when buying homes valued at less than HK$9 million.
[3] Aiming to reduce smoking rates from 9.5% to 7.8% by 2025, the Finance Minister immediately increased the tobacco tax by 60 HK cents per cigarette. The price of a pack of cigarettes is estimated to rise from HK$60 for him at present to more than HK$70 for him under the new measures. Tariffs on other tobacco products will increase by the same percentage.
[4] Chan introduced a new campaign “Happy Hong Kong”. The finance minister said the campaign will focus on residents and will include many events such as gourmet festivals and giant carnivals at sea and on land.Chan also pledged his HK$5,000 to boost spending. has also announced another round of consumer vouchers for A non-Hong Kong resident living in Hong Kong on various visas, in the next round he will receive HK$2,500.
[5] Hong Kong also announced a capital investment entrant scheme. This gives people who invest in the local asset market an opportunity to migrate to the city. The initiative works in tandem with other recent policies aimed at attracting professionals and top-notch university graduates. Zhang also vowed to develop talent, especially in areas such as financial services, logistics, innovation, technology and construction.
[6] The government will launch a fintech internship scheme for post-secondary students and provide subsidies for students based in Hong Kong and the Greater Bay Area. Mr Chan said the authorities will inject HK$200 million into the Maritime and Aviation Training Fund to provide training and smart logistics, in addition to launching a new apprenticeship program for those pursuing careers in maritime law. Stated.
[7] The Treasury Secretary said the Community Care Services Voucher Pilot Scheme for Senior Citizens also received the green light to fully launch this year, aiming to expand coverage from 8,000 residents to 12,000 in 2025-26. said there is. The annual number of elderly patients eligible for the hospital authority’s Integrated Discharge Assistance Program will also increase from 33,000 to 45,000 during the third quarter of this year. He will also increase the tax credit provided under his MPF contributions by employers from 100% to 200% to facilitate his employment past age 65, the city’s retirement age. I suggested
[8] To support Hong Kong’s younger generation, Mr Chan proposed raising the basic child allowance and parent’s additional child allowance from HK$120,000 to HK$130,000 over 2023-2024. The move is estimated to benefit 324,000 taxpayers and save HK$610 million in tax revenue each year.
Source: South China Morning Post, 22nd February
question
1. Which of the following has been subsidized or reduced by the Government for fiscal year 2023-24 pursuant to paragraph 2?
A. Power consumption
B. Payroll tax
C. Stamp duty for certain homebuyers
D. All of the above
2. In paragraph 3, what is the Hong Kong government’s intention to increase tariffs on tobacco products?
3. When will the new tobacco tax come into effect?
A.September 2023
B. 2025
C. Information not provided
D. Already installed.
Four. What does “next round” in paragraph 4 refer to?
Five. Look for phrases that mean “together” in paragraph 5.
6. What groups of people are eligible for the Fintech Internship Scheme?
A.Secondary school graduates
B.An employee of a company that uses technology to automate consumer financial services
C. Professionals seeking a new career in Fintech
D. Undergraduate students majoring in shipping and logistics
7. What is the government trying to achieve by reviewing the tax credits mentioned in paragraph 7?
8. Determine if the following statements are true, false, or missing. Black out only one circle for each statement. (4 points)
(I) More people are eligible for hospital authorities’ integrated discharge assistance programs.
(ii) For some foreign investors, it will become easier to obtain Hong Kong residency.
(iii) The city government aims to cover all costs of raising a child with a child benefit program.
(four) The public welcomes the payroll tax cut.
9. Match the column headings on the right with their respective paragraphs on the left. (5 points)
Answer
1. D.
2. Reduce city smoking rates from 9.5% to 7.8% by 2025
3. D.
Four. Next distribution of consumer vouchers (accept other similar answers)
Five. in tandem
6. a
7. Encourage companies to continue to employ people over the age of 65.
8. (i) T; (ii) T; (iii) F; (four) NG
9. (I) Paragraph 2: B; (ii) Paragraph 3: A; (iii) Paragraph 4: E; (four) Paragraph 5: C; (e) Paragraph 6: D
