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Scheme $6,000
Scheme $6,000 () is a 2011 Hong Kong Government tax rebate program that gave out HK$6,000 to all adult holders of a Hong Kong permanent identity card, in a bid to "藏富於民" (Leave wealth with the people). Background After seven consecutive years of budget surplus, the Hong Kong Government held a record HK$579 billion in reserve during the 2011 financial year. Under pressure to use the money to do more for the elderly and the poor, Financial Secretary John Tsang announced in the 2011–2012 budget on 23 February 2011 a scheme modelled from the 2008–2009 financial year, whereby HK$6,000 were to be deposited into the Mandatory Provident Fund (MPF) account of every Hong Kong resident whose average monthly income is less than HK$10,000, in a bid to strengthen the public post-retirement prospect. This scheme was estimated to cost the government HK$24 billion. Dissatisfaction over the proposal led to public criticism and a series of complaints, including the charge that "遠 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hong Kong Government
The Government of the Hong Kong Special Administrative Region, commonly known as the Hong Kong Government or HKSAR Government, refers to the Executive (government), executive authorities of Hong Kong Special administrative regions of China, SAR. It was formed on 1 July 1997 in accordance with the Sino-British Joint Declaration of 1983, an international treaty lodged at the United Nations. This government replaced the former British Hong Kong, British Hong Kong Government (1842–1997). The Chief Executive and the Principal officials of Hong Kong, principal officials, nominated by the chief executive, are appointed by the State Council of the People's Republic of China. The Government Secretariat (Hong Kong), Government Secretariat is headed by the Chief Secretary for Administration, Chief Secretary of Hong Kong, who is the most senior principal official of the Government. The Chief Secretary and the other Secretary of State, secretaries jointly oversee the administration of Ho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of Macau
The Government of the Macau Special Administrative Region (; Portuguese: Governo da R.A.E. de Macau; conventional short name Macau Government, 澳門政府, Governo de Macau), are headed by secretariats or commissioners and report directly to the chief executive. The affairs of the government are decided by secretaries, who are appointed by the chief executive and endorsed by the State Council of the Central People's Government in Beijing. As a special administrative region of China, Macau has a high degree of autonomy, in light of the " One Country, Two Systems" policy. The Macau Government, financially independent from the Central People's Government, oversees the affairs of Macau. Head of government The chief executive is responsible for the administration of Macau. The affairs of the government are decided by secretariats, who are appointed by the chief executive and endorsed by the State Council of the Central People's Government in Beijing. The office of chief executi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hong Kong Housing Authority
The Hong Kong Housing Authority (HA) is the main provider of public housing in Hong Kong. It was established in April 1973 under the Housing Ordinance and is an agency of the Government of Hong Kong. In the same year, the Resettlement Department and the Building Section of the Urban Services Department were merged to form the Housing Department, which acts as the Housing Authority's executive body. History The modern Housing Authority was founded in 1973. In 2005, most Housing Authority-owned shopping centres and car parks were controversially divested to The Link REIT. A citywide scandal erupted in 2015 after heavy metals were found in the water supply of some housing estates, schools, and private residential buildings. The contamination was first identified at Kai Ching Estate, opened in 2013. A task force found that the contamination was caused by solder joints with high lead content. Responsibilities Outside of public housing provision, the authority is also responsi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Welfare Department
The Social Welfare Department () is a department of the Hong Kong Government responsible for providing welfare services to the community. Responsibilities The department provides services to families and children, the elderly, recovering criminal offenders, drug abusers, street sleepers, persons with disabilities, the mentally ill, and the community at large. It administers social security schemes, including the Comprehensive Social Security Assistance, which forms a large portion of its annual expenses. The department operates community and social centres, and also once operated libraries. History The forerunner of the SWD was the Social Welfare Office, which was set up in light of the influx of population from the mainland China, post-World War II destruction and poverty, and the post-war expansion in the provision of services to meet education, healthcare and social needs. The Social Welfare Office was renamed Social Welfare Department from 1 January 1958. At the same time ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Home Affairs Department
The Home Affairs Department is an executive agency in the government of Hong Kong responsible for internal affairs of the territory. It reports to the Home and Youth Affairs Bureau, headed by the Secretary for Home Affairs. Purpose The Department is responsible for the District Administration Scheme, community building and community involvement activities, minor environmental improvement projects and minor local public works, and the licensing of hotels and guesthouses, bedspace apartments and clubs. It promotes the concept of effective building management and works closely with other government departments to consistently improve the standard of building management in Hong Kong. It monitors the provision of new arrival services and identifies measures to meet the needs of new arrivals. It also disseminates information relating to and, where necessary, promotes the public's understanding of major government policies, strategies and development plans; and collects and asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hongkong Post
Hongkong Post is a government department of Hong Kong responsible for postal services, though operated as a trading fund. Founded in 1841, it was known as ''Postal Department'' or ''Post Office'' () before the handover of Hong Kong in 1997. It has been a sub-member of the Universal Postal Union since 1877, and is a separate entity from China Post. History Merchants traded in Hong Kong on the two sides of Victoria Harbour as early as before the British possession in 1842. They complained about the absence of proper postal services and therefore the Postal Department was established. The department was founded on 28 August 1841, but the first post office (known as 書信館 at that time), situated near the current site of St. John's Cathedral, opened on 12 November 1841. At first, its right to operation belonged to the Royal Mail, until its transfer to the Postmaster General on 1 May 1860. On 8 December 1862, the office issued the first set of Hong Kong postal stamps. Befo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Earned Income Exclusion
The United States taxes citizens and residents on their worldwide income. Citizens and residents living and working outside the U.S. may be entitled to a foreign earned income exclusion that reduces taxable income. For 2021, the maximum exclusion is $108,700 per taxpayer (future years indexed for inflation). Taxpayers filing a joint return are entitled to up to two exclusions if both have earned income. In addition, the taxpayer may exclude housing expenses in excess of 16% of this maximum ($47.65 per day in 2021) but with limits. The exclusion is available only for wages or self-employment income earned for services performed outside the U.S. The exclusion is claimed on IRForm 2555 Qualification Only individuals are eligible for the exclusion. To qualify for the exclusion, the taxpayer's tax home must be outside the U.S. In addition, the taxpayer must meet either of two tests: * Bona fide resident test: the taxpayer was a bona fide resident of a foreign country for a period t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure provided over a fifth of the Union's war expenses before being allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.S. Constitutio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax In The United States
Income taxes in the United States are imposed by the federal government, and most states. The income taxes are determined by applying a tax rate, which may increase as income increases, to taxable income, which is the total income less allowable deductions. Income is broadly defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnerships are not taxed (with some exceptions in the case of Federal income taxation), but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income, while nonresidents are taxed only on income within the jurisdiction. Several types of credits reduce tax, and some types of credits may exceed tax before credits. An alternative tax applies at the federal and some state levels. In the United States, the term "payroll tax" usually refers to FICA taxes that are paid to fund Social Security and Medicare, while "income tax" re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Taxes In Canada
Income taxes in Canada constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the fiscal year ending 31 March 2018, the federal government collected just over three times more revenue from personal income taxes than it did from corporate income taxes. Tax collection agreements enable different governments to levy taxes through a single administration and collection agency. The federal government collects personal income taxes on behalf of all provinces and territories. It also collects corporate income taxes on behalf of all provinces and territories except Alberta. Canada's federal income tax system is administered by the Canada Revenue Agency (CRA). Canadian federal income taxes, both personal and corporate are levied under the provisions of the ''Income Tax Act''. Provincial and territorial income taxes are levied under various provincial statutes. The Canadian income tax system is a self-assessment re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Windfall Gain
A windfall gain is an unusually high or abundant income, that is sudden and/or unexpected. Types Examples of windfall gains include, but are not limited to: *Gains from demutualization - this example can lead to especially large windfall gains. A study in 1999 into the potential demutualization of the John Lewis Partnership predicted that partners would receive upwards of £100,000 in windfall gains if the company were to be floated on the stock market. *Unexpected inheritance or other large gift from another *Sweepstakes winnings *Winning a lottery or success in another form of gambling *Returns on investments *Proceeds or profit from a large sale *Game show, or other contest winnings *Employment payroll bonus *Natural resources * Foreign aid *Proceeds from an insurance claim *Settlement from a lawsuit *Discoveries from treasure hunting Uses What people do with windfall gains is subject to much debate. While they differ from one account to the next, most economists hypothesize ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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