Hon. Edmund Wong queries the Government about tax and welfare policies for elderly people who moved to Mainland for retirement, particularly those relying on rental income from Hong Kong properties. Secretary Hui responds that the current tax policy may not benefit these individuals, but also notes concerns about potential abuse if the criteria for personal assessment were relaxed to include Mainland retirees. The Government maintains portable arrangements for cash assistance but has no plans to relax property tax relief measures or comprehensively review tax policies.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Hon. Edmund Wong inquired about the tax policies for elderly individuals who have relocated to the Mainland and derive rental income from properties in Hong Kong. He requested data on the number of inquiries and requests for assistance from the Inland Revenue Department ("IRD") over the past three years, along with the associated tax amounts.
The Secretary for Financial Services, Mr. Christopher Hui, informed that the IRD has received numerous inquiries but does not categorize them. The current tax policies adhere to Hong Kong's territorial source principle, and verifying residence and income in the Mainland can be challenging, potentially leading to misuse. Mr. Hui also mentioned that relaxing residency criteria for personal assessment could encourage elderly individuals to retire in Hong Kong instead of the Mainland, contrary to the Government's policies.
The Government provides portable cash assistance programs, such as the Old Age Allowance and Comprehensive Social Security Assistance Scheme, to elderly Hong Kong residents retiring in Guangdong and Fujian Provinces. These programs ensure that retirees have access to cash assistance in the Mainland.
The response concluded on Wednesday, April 16, 2025, at HKT 11:10.
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