Changes to Hong Kong tax concessions
07 November 2019
The Inland Revenue (Amendment) (Tax Concessions) Bill 2019 was passed by the Legislative Council on 6 November 2019.
The new Ordinance gives effect to the tax concession proposed by the Hong Kong Government in 2019, i.e. reducing salaries tax, tax under personal assessment and profits tax for the year of assessment 2018/19 by 100 per cent, subject to a ceiling of HK$20,000 per case.
Application will not be necessary for the tax reduction, which will be reflected in the taxpayers’ final tax payable for the year of assessment 2018/19. The measure will benefit 1.91 million taxpayers of salaries tax and tax under personal assessment, and 145,000 tax-paying corporations and unincorporated businesses.
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