Government welcomes latest support measures introduced by banking industry for individuals affected by Wang Fuk Court fire
The Government welcomes the banking industry's continued support for individuals affected by the Wang Fuk Court (WFC) fire based on the principles of empathy and flexibility.
Following the 11 emergency support measures launched after the fire last year, the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) today (March 4) announced three new measures to support the Government's long-term housing arrangements for affected owners of the WFC. The measures are: (1) extending the repayment grace period (including principal and interest) for existing mortgages, personal loans and credit card loans, etc to the end of November 2026; (2) flexibly adjusting the mortgage arrangements for the "Flat-for-Flat" or cash acquisition options, including substituting the original collateral with a newly purchased subsidised sale flat, with loan terms (including interest rate and remaining instalments) no less favourable than those of the existing arrangements, and extending the repayment grace period until the new flat is ready for intake, while adopting a flexible approach for a new mortgage; and (3) establishing a multi-party collaboration and communication platform to understand the specific needs of residents and provide appropriate assistance to each individual case, through the Long-term Housing Arrangements for WFC Engagement Team (Engagement Team) co-ordinated by the Housing Bureau.
To assist owners in understanding the details of the long-term housing arrangements, the Engagement Team, through referrals made under the "one social worker per household" service, has been directly contacting individual owners since March 2 to clearly explain the details of the title acquisitions by the Government and each housing option, and answer related questions. The Engagement Team will work with the communication platform set up by the HKMA, the HKAB and the banking industry to understand the specific circumstances of each owner, enabling banks to provide appropriate support based on individual cases. During these engagement sessions, the Engagement Team members will wear light blue vests and carry identification cards for easy recognition.
Source: AI-found images
Inland Revenue (Amendment) (Tax Concessions, Concessionary Deductions and Allowances) Bill 2026 to be gazetted
The Inland Revenue (Amendment) (Tax Concessions, Concessionary Deductions and Allowances) Bill 2026 will be gazetted on March 6 to implement the concessionary tax measures proposed in the 2025 Policy Address and the 2026-27 Budget.
These measures include the following adjustments to salaries tax and tax under personal assessment, with effect from the year of assessment 2026/27:
(a) increasing the basic allowance and single parent allowance from $132,000 to $145,000 and the married person's allowance from $264,000 to $290,000;
(b) increasing dependent parent/grandparent allowances and the additional dependent parent/grandparent allowances for each eligible parent/grandparent from $50,000 to $55,000 (for dependents aged 60 or above, or disabled) and from $25,000 to $27,500 (for dependents aged 55 or above but below 60);
(c) raising the deduction ceiling for elderly residential care expenses for each eligible parent/grandparent from $100,000 to $110,000;
(d) extending the claim period for additional child allowance for newborns from one year to two years; and
(e) increasing the child allowance and additional child allowance for newborns from $130,000 to $140,000.
Measures in (a) will benefit about 2.09 million taxpayers and reduce tax revenue by $3.56 billion annually. Measures in (b) and (c) will benefit about 830 000 taxpayers and reduce tax revenue by $970 million annually. Measures in (d) and (e) will benefit about 360 000 taxpayers and reduce tax revenue by about $980 million annually. Measure (d) was proposed in the 2025 Policy Address while others are in the 2026-27 Budget.
The Bill will also implement the one-off reduction of salaries tax, tax under personal assessment and profits tax for the year of assessment 2025/26 by 100 per cent, subject to a ceiling of $3,000 per case, as proposed in the 2026-27 Budget. The reduction will be reflected in taxpayers' final tax payable for the year of assessment 2025/26. The proposal will benefit about 2.12 million taxpayers of salaries tax and tax under personal assessment, and about 170 800 tax-paying corporations and unincorporated businesses. The revenue forgone is about $5.78 billion.
The Bill will be introduced into the Legislative Council for first reading and the commencement of the second reading debate on March 18.
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