Like Tree32Likes

2018 Hong Kong Budget - Expect much?

Closed Thread
Page 3 of 4 FirstFirst 1 2 3 4 LastLast
  1. #21

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,971

    Govt gets funded to subsidize MPF offsetting..

    To effect the abolition of the MPF "offsetting" arrangement, the Government is striving to put forth as soon as possible a proposal which is more acceptable to both employers and employees and will consult major stakeholders. The Government has clearly indicated its willingness to increase its financial commitment, and I will set aside $15 billion for these measures.

  2. #22

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,971

    And the sharing is caring part we've all been looking for...

    reducing salaries tax and tax under personal assessment for 2017-18 by 75 per cent, subject to a ceiling of $30,000. The reduction will be reflected in the final tax payable for 2017-18. This will benefit 1.88 million taxpayers and reduce tax revenue by $22.6 billion;
    Plus a few more token handouts for businesses, students
    https://www.budget.gov.hk/2018/eng/budget37.html

  3. #23

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,971
    Taking all these into account, I forecast a surplus of $46.6 billion in the Consolidated Account in the coming year. Fiscal reserves are estimated to be $1,138.6 billion by the end of March 2019, equivalent to 40.3 per cent of GDP.
    I bet it will be about $180B HKD.. or may be a deficit of $23B HKD.
    greenmark likes this.

  4. #24

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,971
    If we can capitalise on the opportunities, the wind beneath our wings will bear Hong Kong far and high.
    great way to end the budget ... channel bette midler.

    https://www.youtube.com/watch?v=0iAzMRKFX3c

  5. #25
    Original Post Deleted
    Businesses also pay taxes, no? May as well take this money to resolve this gridlock. In the end, money will go to people that are going to be sacked.

  6. #26

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,971
    Quote Originally Posted by civil_servant:
    Businesses also pay taxes, no? May as well take this money to resolve this gridlock. In the end, money will go to people that are going to be sacked.
    Most HK SMEs tend not to pay taxes.. that is how it works. Would rather they make an exception and say it will come from the Capital Works Reserve fund as a one time expense... and effectively suggest that the HNA group / property developers pay for it.

    (Just nitpicking for the sake of it .. )
    SpeakCantonese and TheBrit like this.

  7. #27

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557
    Original Post Deleted
    Doesn't that sum up everything the HK government does?
    TheBrit likes this.

  8. #28
    Quote Originally Posted by shri:
    Most HK SMEs tend not to pay taxes..
    I assume neither does jrkob.

  9. #29

    Join Date
    Aug 2008
    Location
    猴山
    Posts
    23,652
    Quote Originally Posted by civil_servant:
    Businesses also pay taxes, no? May as well take this money to resolve this gridlock. In the end, money will go to people that are going to be sacked.
    People get laid off due to bad business decisions or callous short term-ism (hire/fire/hire)

    Currently people need to fund their own redundancy from their pension savings.

    Businesses in Hong Kong has had nearly 20 years of raiding personal retirement savings to cover poor or callous management. To offer the public's money to further perpetuate this appalling situation just adds oil to the argument that the Executive branch of government don't care for the people the serve.

  10. #30

    Join Date
    Aug 2008
    Location
    猴山
    Posts
    23,652

    The scheme of taking way too much tax and then appearing benevolent with gifts to needy causes may make politicians glow with being charitable with other peoples money but it is just bad governance.

    Some of the gifts should just become recurrent spending and the government choosing to stimulate 'preferred' industries is appalling waste of public money. The Government should take less tax in the first place. I can assure the public is better at stimulating itself than the government choosing who to stimulate.

    Last edited by East_coast; 28-02-2018 at 07:40 PM.
    jrkob, kimwy66 and shri like this.