Chen Maobo: Further increase the tax exemption for married, parents and elderly families in Hong Kong.

The Financial Secretary of the Hong Kong SAR Government, Paul Chan Mo-po, delivered the government's budget for the 2026-2027 fiscal year in the Legislative Council today. He announced the following adjustments starting from the 2026/27 tax year: - The basic and single parent tax allowances will increase from HK$132,000 to HK$145,000, and the married person's tax allowance will increase from HK$264,000 to HK$290,000, benefiting around 2.09 million taxpayers with an annual tax reduction of approximately HK$3.56 billion. - The child and additional child tax allowances will increase from HK$13,000 to HK$14,000, benefiting around 360,000 taxpayers with an annual tax reduction of approximately HK$680 million. - The tax allowances for supporting parents or grandparents and the deduction ceiling for elder care expenses will increase, benefiting around 830,000 taxpayers with an annual tax reduction of approximately HK$970 million. Specific adjustments include: - The tax allowance for supporting parents or grandparents aged 60 and above will increase from HK$50,000 to HK$55,000, with a corresponding increase for those living with parents or grandparents. - The tax allowance for supporting parents or grandparents aged 55-59 will increase from HK$25,000 to HK$27,500, with a corresponding increase for those living with parents or grandparents. - The deduction ceiling for elder care expenses when parents or grandparents are living in qualified homes will increase from HK$100,000 to HK$110,000.