Hong Kong will give more handouts to consumers to support the city's recovery from a prolonged economic downturn induced by COVID restrictions, Financial Secretary Paul Chan announced in the 2023/24 budget
Chan also flagged a reduction in salaries tax by 100%, capped at HK$6,000, lower than the cap set for the previous budget. He said the government will also introduce a new capital investment entrant scheme to attract talent.
The city had spent more than HK$600 billion on various pandemic relief programmes for the past three years, forcing it to run rare budget deficits.
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