TNAG-1725-FCO40-2438-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 52

Stainless to, tax.

Thelanewballowances at their maximum levels

fod will be nearly 60 higher than the present basic and aci eeexpoadditional personal allowances (44);imited kin

ovačje proved en e9der Isafe.ok gauditan prod

Fourthly proposed that the child allowance be berlist Redincreased, fort a first. child from $11,000 to $12,000,I and for a second child from $8,000 to $8,500; and 3-8),

91%

Lastly, that the allowance for a dependent parent be increased from $9,000 to $10,000. Thus, the total Quallowance in respect of tandependent parent residinga spin with a taxpayer will be $13,000.

I intend to introduce these concessions with effect

from the year of assessment commencing 1 April 1988. Therefore, the first occasion on which they will apply will be to provisional and final salaries tax assessments for 1988-89, and also to 1988-89 personal assessments. I estimate that the cost to the revenue in 1988-89 will be about $1.1 billion, and for a

full year, $1.5 billion.

(44) Under section 42B(1) of the Ordinance, the present basic and additional

allowances are:

Basic Allowance $

Additional Allowance

Total

$

Single Married

29,000 60,000

5,000 10,000

34,000 70,000

429.

:

/Taxation

...