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<Budget>HK Govt Raises Basic & Married Person's Allowances to HKD145K & HKD290K, Lifts Child & Dependent Parent Allowances
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Hong Kong's Financial Secretary Paul Chan proposed in the new Budget that from the 2026-27 tax year onwards: (a) increasing the basic allowance and single parent allowance from HKD132,000 to HKD145,000, and the married person's allowance from HKD264,000 to HKD290,000. This measure will benefit about 2.09 million taxpayers and reduce tax revenue by about HKD3.56 billion a year; (b) increasing the child allowance and additional child allowance from HKD130,000 to HKD140,000. This measure will benefit about 360,000 taxpayers and reduce tax revenue by about HKD680 million a year; and (c) increasing the allowance for maintaining a dependent parent or grandparent and raising the deduction ceiling for elderly residential care expenses. These measures will benefit about 830,000 taxpayers and reduce tax revenue by about HKD970 million a year. AAStocks Financial News |
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