2015-16 Budget reaffirms agenda of HK gov't: chief executive

Hong Kong Chief Executive Leung Chun-ying said on Wednesday that the 2015-16 Budget reaffirms the agenda of the current-term government - only a robust economy can help tackle problems including housing, poverty and aging population.

The budget was delivered on Wednesday by Hong Kong's Financial Secretary John C Tsang, who has pledged to explore new ideas and strive for diversity to help Hong Kong people realize their aspirations.

Leung said, in the past year, Hong Kong experienced modest economic growth and full employment while keeping inflation under control. With an impressive economic performance, the government has recorded substantial surpluses, creating favorable conditions for the government to roll out relief measures for the community.

The budget proposes measures such as the reduction of salaries tax, tax under personal assessment and profits tax for 2014-15; waiving rates for the first two quarters of 2015-16; and the provision of two additional months of allowance to recipients of Comprehensive Social Security Assistance, Old Age Allowance, Old Age Living Allowance and Disability Allowance, he said.

Leung noted that revenue from profits tax in this financial year is 15.8 percent higher than the original estimate. This reflects relatively higher profits with a more favorable business environment. The chief executive appealed to employers of all sectors to improve the pay conditions of their employees whenever possible to share the prosperity.

Chief Secretary Carrie Lam also commented on the budget, saying it is comprehensive, pragmatic and foresighted. It does not only emphasize on economic development, but also attends to the interests of different people in the society. Endi