2023-10-26 10:16:49
Policy Address 2023 | Check out 11 benefits for new parents in one article: NT$20,000 bonus, increased tax deduction, priority selection of subsidized housing, and public housing in one year
Chief Executive Lee Ka-chiu announced a new “Policy Address” with the theme of “Strengthening the Economy, Seeking Development, Benefiting People’s Livelihoods and Adding Happiness”. It introduced a series of measures to encourage childbirth. The one that attracted the most public attention was that the government will provide each newborn with a A cash reward of NT$20,000 will be provided, as well as priority arrangements for applications for public housing and subsidized sale flats.
Policy Address 2023 | Check out 11 benefits for new parents in one article: NT$20,000 bonus, increased tax deduction, priority selection of subsidized housing, and public housing in one year
1. Newborn baby bonus
Each newborn baby born in Hong Kong from October 25, 2023, to a parent who is a Hong Kong permanent resident will receive a one-time cash payment of NT$20,000 for a period of three years, and will be reviewed later.
2. Increase the maximum limit for home loan interest deduction/residential rental tax deduction
Starting from the year of assessment 2024/25, if a taxpayer lives with a child whose first child was born on or following October 25, 2023, the maximum deduction for home loan interest or residential rental tax will be increased from $100,000 to $120,000. Yuan, until the child living with him or her reaches the age of 18.
3. Tax deduction for assisted reproductive services
Starting from the 2024/25 tax year, the government will set up a tax deduction for assisted reproductive services of up to $100,000 per year under salaries tax and personal assessment.
4. Home Ownership Scheme and Green Home Ownership Scheme priority flat selection
“Priority Flat Selection Scheme for Families with Newborns”: In order to increase the chances of families with newborn babies successfully purchasing subsidized sale flats, an additional 10% of the total number of units for each HOS and Green Home Ownership Scheme sale will be reserved for priority flat selection.
Starting from the launch of Home Ownership Scheme housing next year, some flat quotas will be reserved for families with babies born today or later to draw lots and have priority in flat selection until the child reaches 3 years old.
5. Reduce the waiting time for public housing applications
“Families with Newborns Priority Housing Allocation Scheme”: Speed up the waiting time for families with newborn babies to apply for public housing. The waiting time for families with babies born on or following October 25, 2023 can be shortened by one year, effective in April next year.
6. Increase the number of assisted reproductive services
The Hospital Authority will gradually increase the number of assisted reproductive service places for in vitro fertilization treatment to 1,800 per year within five years starting from 2024/25.
7. Increase working family allowance
The amount of household and child allowances under the “Working Family Allowance Scheme” will increase by 15% starting from April next year
8. Increase child care center quotas and subsidies
Starting from April next year, the maximum monthly subsidy for parents of child care centers will be increased from NT$600 to NT$1,000. Starting next year, the authorities will build 10 additional subsidized independent child care centers in phases within three years, providing nearly 900 additional day child care service places.
9. Increase community nanny service incentives and quotas
Starting from April next year, the service bonus for community nannies will be increased. For taking care of infants and children aged 0-3 or children with special learning needs, the bonus will be more than doubled to 60 yuan per hour; for caring for children aged 3-9, the bonus will be increased by 60%. to 40 yuan per hour, currently the same rate is 25 yuan per hour. The number of community nanny service places will double to approximately 2,000 starting from the fourth quarter of next year, and the number of children benefiting from the service will accordingly double to 20,000.
10. Expand following-school care services for preschool children
Starting next year, following-school care services for pre-school children will be expanded in phases to all districts in Hong Kong within three years. The number of participating centers will increase from 16 to 28, and the number of service places will increase from regarding 670 to nearly 1,200.
11. Launch family education promotion plan
A five-year family education promotion plan will be launched in the second half of next year, integrating existing related plans and increasing the annual subsidy amount to NT$8 million.
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