The Hong Kong budget was released today. According to Hong Kong’s Financial Secretary, the tax measures proposed in the budget are comprised of a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2019-20 by 100 percent, subject to a ceiling of HKD 20,000 (USD 2,567) per case.
This measure will benefit about 2.09 million taxpayers, the Financial Secretary said in a press release.
The Financial Secretary also proposed to waive business registration fees for 2020-21.
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