Financial Secretary Paul Chan announced the new budget today (Feb. 26). According to Chan, having regard to the pressure faced by some industries and the people, and the fiscal situation, the Government will introduce the following measures:

(a) provide rates concession for domestic properties for the first quarter of 2025/26, subject to a ceiling of HK$500 for each rateable property. This measure will involve 3.12 million domestic properties and reduce government revenue by HK$1.5 billion;

(b) provide rates concession for non‑domestic properties for the first quarter of 2025/26, subject to a ceiling of HK$500 for each rateable property. This measure will involve 430,000 non‑domestic properties and reduce government revenue by HK$200 million.

(c) reduce salaries tax and tax under personal assessment for the year of assessment 2024/25 by 100 percent, subject to a ceiling of HK$1,500. The reduction will be reflected in the final tax payable for the year of assessment 2024/25. This measure will benefit 2.14 million taxpayers and reduce government revenue by HK$2.9 billion;

(d) reduce profits tax for the year of assessment 2024/25 by 100 percent, subject to a ceiling of HK$1,500. The reduction will be reflected in the final tax payable for the year of assessment 2024/25. This measure will benefit 165,400 businesses and reduce government revenue by HK$200 million; and

(e) provide an allowance to eligible social security recipients, equal to one-half of a month of the standard rate Comprehensive Social Security Assistance (CSSA) payments, Old Age Allowance, Old Age Living Allowance, or Disability Allowance, while similar arrangements will also apply to recipients of the Working Family Allowance, altogether involving an additional expenditure of about HK$3.1 billion.

To ease the burden on buyers of residential and non‑residential properties at lower values, Chan announced that the maximum value of properties chargeable to a stamp duty of HK$100 would be raised from HK$3 million to HK$4 million with immediate effect.

"This measure is expected to benefit about 15 percent of property transactions and reduce government revenue by about HK$400 million annually."

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