Hong Kong Special Administrative Region Financial Secretary Chen Maobo today (26th) said that considering that some industries and citizens still face certain pressures, and the financial situation of the SAR government, measures will be introduced to ease the burden on citizens, including reducing 100% of salaries tax and personal income tax for the 2024/2025 tax year, with a cap of 1500 Hong Kong dollars, benefiting approximately 2.14 million taxpayers in Hong Kong. The deductions will be reflected in the final tax payable for the 2024/2025 tax year. Government revenue will decrease by approximately 2.9 billion Hong Kong dollars; reducing 100% of profits tax for the 2024/2025 tax year, with a cap of 1500 Hong Kong dollars, benefiting approximately 165,400 companies in Hong Kong. The deductions will be reflected in the final tax payable for the 2024/2025 tax year. Government revenue will decrease by approximately 200 million Hong Kong dollars, etc.
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Edward Yau: Hong Kong introduces tax reduction and other measures to alleviate the burden on residents
Hong Kong Special Administrative Region Financial Secretary Chen Maobo today (26th) said that considering that some industries and citizens still face certain pressures, and the financial situation of the SAR government, measures will be introduced to ease the burden on citizens, including reducing 100% of salaries tax and personal income tax for the 2024/2025 tax year, with a cap of 1500 Hong Kong dollars, benefiting approximately 2.14 million taxpayers in Hong Kong. The deductions will be reflected in the final tax payable for the 2024/2025 tax year. Government revenue will decrease by approximately 2.9 billion Hong Kong dollars; reducing 100% of profits tax for the 2024/2025 tax year, with a cap of 1500 Hong Kong dollars, benefiting approximately 165,400 companies in Hong Kong. The deductions will be reflected in the final tax payable for the 2024/2025 tax year. Government revenue will decrease by approximately 200 million Hong Kong dollars, etc.