paulchan
The Hong Kong Police Force have been allocated a record HK$27.8 billion for the 2024-25 fiscal year, 9.2 per cent higher than the previous financial year. The latest budget is over 40 per cent higher than that of 2018-19, which was HK$19.6 billion. The largest portion of expenditure, according to the proposed 2024-25 budget published by the government on Wednesday, would be allocated to the “maintenance of law and order in the community,” at a cost of over HK$13 billion. In addition, HK$165 million is earmarked for “rewards and special services,” which is used to arrange police informers, loca...
Hong Kong Free Press
Hong Kong’s tobacco tax will be increased for the second year in a row, taking the price of a pack of cigarettes from HK$80 to HK$96. Finance chief Paul Chan announced on Wednesday that the duty on cigarettes would rise by 80 cents per cigarette, or HK16 for a pack of 20, with immediate effect. The move was to provide “greater incentives” for people to quit smoking and to safeguard public health. “We expect that the proportion of tobacco duty in the retail price of cigarettes will rise to about 70 per cent, gradually approaching the 75 per cent level recommended by the World Health Organisatio...
Hong Kong Free Press
The Hong Kong government has announced the introduction of a tiered salaries tax regime from the 2024-25, which will see earners whose annual net income exceeds HK$5 million pay more. The financial secretary Paul Chan announced on Wednesday that taxpayers whose net income exceeds HK$5 million will be subject to an increased tax rate of 16 per cent on earnings over HK$5 million. Their first HK$5 million will be charged the standard rate of 15 per cent. Chan said the new regime would affect 12,000 taxpayers, or just 0.6 per cent, and predicted that the move would raise HK$910 million per year fo...
Hong Kong Free Press
Hong Kong’s finance chief Paul Chan delivers the Hong Kong budget for 2024 on Wednesday, February 28, as the city faces a predicted HK$100 billion deficit. Help safeguard press freedom & keep HKFP free for all readers by supporting our team
Hong Kong Free Press
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