HONG KONG, Feb 23 ― Hong Kong will offer tax breaks, handouts and subsidies to small businesses and residents, to mitigate the impact of a new wave of social restrictions to curb Covid-19 infections, Finance Secretary Paul Chan said in his 2022/23 budget speech.
Chan said “countercyclical measures” in the budget to support the economy totalled more than HK$170 billion , with spending on anti-epidemic measures put at more than HK$54 billion. Bars, gyms, beauty parlours and 12 other types of venues are closed, while restaurants cannot operate beyond 6.00pm. Apart from grocery stores, most shops are deserted as residents are back working from home. The border is virtually shut with the finance sector complaining this has caused an exodus of talent and made operating a regional hub out of Hong Kong difficult.
Residents will also be given tax deductions related to their rent payments, as well as subsidies for transport and utilities.
Source: News Formal (newsformal.com)
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