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Hong Kong budget 2022-2023
Hong KongHong Kong economy

Sweeteners to ease Covid-19 pain: from vouchers and tax cuts to rent relief – 7 key takeaways from Hong Kong’s 2022-23 budget

  • Financial Secretary Paul Chan’s HK$170 billion budget includes a substantial amount set aside for pandemic relief and public health measures
  • It also lays out rental protections for small businesses, higher taxes for landlords and more consumption vouchers for everyday residents

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Among the measures laid out in the latest budget are higher taxes for certain homeowners, and more generous borrowing terms for some buyers. Photo: Felix Wong
Joyce Ng
Financial Secretary Paul Chan Mo-po delivered his HK$170 billion (US$21.8 billion) budget for Hong Kong on Wednesday, emphasising the urgent need to address the worsening coronavirus pandemic, with billions in funding earmarked for relief and public health measures.
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Small businesses are in line for new rental protections, while major corporations and certain landlords can expect higher taxes in the coming financial year. Meanwhile, the government’s popular consumption vouchers are back and bigger than ever.

Here are seven key takeaways from the latest budget.

1. Double the vouchers

A man walks past a hoarding advertising last year’s consumption voucher scheme, which the government aims to replicate this financial year. Photo: Felix Wong
A man walks past a hoarding advertising last year’s consumption voucher scheme, which the government aims to replicate this financial year. Photo: Felix Wong

In a bid to boost spending, each of Hong Kong’s 6.6 million permanent residents and new immigrants from mainland China aged 18 and up will be given HK$10,000 in digital consumption vouchers, costing the government HK$66.4 billion in total.

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