Financial Secretary Paul Chan announced on Wednesday a series of measures including tax concessions and allowances to ease the economic pressure on people and businesses.

The personal assessment for both salaries and profits taxes will be reduced by 100 percent, up to a maximum of HK$3,000.

This will benefit over two million taxpayers and 170,000 businesses.

Chan said rates concessions would be provided for both domestic and non-domestic properties for the first two quarters of 2026/27, with a ceiling of HK$500 per property.

This would cover over three million domestic properties and 400,000 non-domestic properties.

There will be an extra month of payments for recipients of different social security benefits, including the Comprehensive Social Security Assistance, Old Age Allowance, Old Age Living Allowance, Disability Allowance and Working Family Allowance.

Different allowances will be increased for taxpayers.

The basic allowance and the single parent allowance will increase from HK$132,000 to HK$145,000, and the allowance for married persons will increase from HK$264,000 to HK$290,000.

The child and additional child allowance will both increase by HK$10,000 to HK$140,000.

The allowance for maintaining a dependent parent or grandparent will be increased, as will the deduction ceiling for elderly residential care expenses.


Edited by Tony Sabine