Is it a timely help, or is it adding insult to injury?
2024-3-1
The economy in 2024 will definitely be a year full of storms.
The budget announced by the Financial Secretary on the 28th of this month included no other major relief measures except for the cancellation of the "new policy" in the property market, which may have a short-term impact on the economy.
The fiscal deficit in 2023/24 is 101.6 billion dollars, and the fiscal deficit in 24/25 is expected to be 48.1 billion dollars. No special measures were mentioned in terms of income source, but support for citizens and small and medium-sized enterprises has been reduced, and some measures may increase the burden.
Measures that have a direct impact on individuals and small and medium-sized enterprises are briefly described below: 1. Business registration fee: The business registration levy of 150 dollars is exempted, but the business registration fee will increase by 200 dollars, and the overall increase will be 50 dollars; 2. Salaries tax and personal assessment: For taxpayers whose annual net income exceeds 5 million dollars, the standard tax rate is 15% for the first 5 million, and 16% for the excess, which increases the burden on high-income earners; 3. For salaries tax, personal assessment and profits tax in 2023/24, the maximum reduction is reduced from 6,000 dollars in the previous year to 3,000 dollars, which will increase the burden of most taxpayers by 3,000; 4. The additional stamp duty, buyer’s stamp duty and new residential stamp duty on residential properties will be abolished with immediate effect. The new tax rates will be 100 dollars to 4.25%.
All taxpayers can make tax plans before the end of this tax year, so that they can be blessed and survive the cold winter. For more information on tax planning, please contact us.
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