The Hong Kong government announced tax cuts and relief measures to help the residents cope with financial burdens after the Occupy Hong Kong protests.
Financial Secretary John Tsang announced in the Budget meeting that there would be an increase of 70 percent in the funds allocated for relief measures.
The personal income tax will be cut by as much as HK$20,000 per person in 2014-2015, he said. The profit tax for businesses will also be lowered to a maximum of HK$20,000.
Tsang said that the pro-democracy protests affected tourism, hotel, catering, retail and transport industries in Hong Kong.
He announced measures worth HK$290 million to help businesses hurt by the protests. This included waiving license fees for restaurants and promotional events to attract tourists and investors.
Also, Tsang said that a budget surplus of HK$63.8 billion is expected in the year ending March 31, more than the HK$9.1 billion surplus estimated earlier.
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