Hong Kong’s Secretary for Financial Services and the Treasury, James Lau, on November 6 announced the passage of the Inland Revenue (Amendment) (Tax Concessions) Bill 2019 by the Legislative Council.
Lau said the new law reduces salaries tax, tax under personal assessment, and profits tax for the year of assessment 2018/19 by 100 percent, subject to a ceiling of HKD 20,000 (USD 2,555) per case.
“The concessionary measure helps relieve the tax burden of taxpayers. The Inland Revenue Department will reflect the tax reductions in the tax demand notes to be issued,” Lau said.
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