Hong Kong Tables Law For Budget Tax Relief Measures
by Mary Swire, Lowtax.net, Hong Kong
14 March, 2019
Hong Kong published in its Official Gazette The Inland Revenue (Amendment) (Tax Concessions) Bill 2019 on March 8. The Bill will implement concessionary tax measures proposed in the 2019-20 Budget.
The 2019-20 Budget included proposals for one-off reductions of salaries tax, tax under personal assessment, and profits tax for the year of assessment 2018/19 by 75 percent, subject to a ceiling of HKD20,000 (USD2,550) per case. The reductions will be reflected in taxpayers' final tax payable for the year of assessment 2018/19.
The proposed one-off reductions will benefit 1.91 million taxpayers of salaries tax and tax under personal assessment as well as 145,000 tax-paying corporations and unincorporated businesses. The total revenue forgone in 2019-20 will amount to HKD18.9bn.
The Bill will be introduced into the Legislative Council on March 20.
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