Massive cash gift in Hong Kong: 2.8 million citizens to get $ 510 each

published timetable: March 23, 2018 19:45

A note of five hundred dollars Hong Kong © Thomas White / Reuters

Hong Kong's government announced its decision to share the record surplus of $ 18 billion city with more than a third of its residents.

"[We're] trying to cover more people who can not benefit directly from the budget , " said Finance Secretary Paul Chan Mo-po at a press conference on Friday.

According to him, the pamphlet was intended for Hong Kong residents who are 18 years or older; who does not own a property; It receives no government subsidy; and will not pay income tax for the fiscal year ending next week.

read more

India considers cash donations to fight poverty

Those who meet the above criteria but have to pay income taxes can still get some cash, he said. If the tax concession they receive is less than $ 500, will receive the difference between the two amounts.

The finance chief said the  "small number of people" who do not pay taxes but live in properties owned. If you receive less than $ 500 tariff exemptions announced in the budget, will receive the difference between the amount exempted and cash receipt.

Brochures would cost the government an additional $ 1,400 million, Chan said, explaining that they were in response to views that legislators and the people of Hong Kong had expressed  "loud and clear".

While some have welcomed the decision cash distribution, others have criticized the government for failing to explain why $ 500 was the correct amount.

The Democratic Party chairman, Wu Chi-wai, said there was still a  "gap"  between sweeteners granted to the wealthy and those excluded from the original budget of Chan.

"I think as government officials must have the ability to step back and reflect the diverse views expressed and see how we can better our people serve.  So this scheme ... is an effort to try to meet the needs of community in a proactive way , " Chan said. He described the amount of the booklet as a  "balanced figure."

"In recent weeks, he has heard suggestions from different political parties on different amounts.  Overall, we believe that the current proposed $ 500 amount is the right amount."

Some lawmakers urged the government to distribute a brochure universal cash, suggesting they could veto the budget at the Legislative Council if he did. The minister, however, said that distributing cash to all was not part of the tax administration strategy