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.
Employment is a central focus of our business, with around 150 lawyers in our team. Our practice is ‘the most highly nominated European firm in research conducted by Who’s Who Legal. We have also received global recognition from Who's Who Legal who this year have named us "Law Firm of the Year for Labour, Employment & Pensions".
Tax, Rewards & Incentives
Navigating this complex and constantly evolving area presents real challenges for many businesses, entrepreneurs and executives alike, but the benefits – financial and otherwise – of getting tax, rewards and incentives right can be substantial.
世勤律師事務所 (Lewis Silkin) 提供專業僱傭法及移民法服務，於行內名聲顯赫，並獲全球權威《Who’s Who Legal》評為「年度最佳勞工、僱傭及退休金律師事務所」(Law Firm of the Year for Labour, Employment & Pensions)。