3 July 2013
Passage of the Inland Revenue (Amendment) (No. 2) Bill 2013 by the Legislative Council
The Bill seeks to implement the concessionary revenue measures proposed in the 2013-14 Budget. These include an increase in both the basic and additional child allowances under salaries tax and tax under personal assessment, an enhancement in the deduction ceiling for expenses of self-education under salaries tax, and a one-off reduction of salaries tax, tax under personal assessment and profits tax for the year of assessment 2012-13 by 75 per cent, subject to a ceiling of $10,000 per case.
About 1.53 million taxpayers will benefit from the one-off reduction of salaries tax and tax under personal assessment. The one-off reduction of profits tax will benefit about 119 000 tax-paying companies. About 310 000 taxpayers will benefit from the measures of increasing the basic and additional child allowances as well as enhancing the deduction ceiling for expenses of self-education.
(Source : Information Services Department)
Should you require any assistance in relation to filing of Hong Kong tax return, please do not hesitate to contact us.
(852) 2574 8289 (Ext. 117)
Note that any information, publication, design, product, process, idea or know-how described in this website may be the subject of other rights, including other intellectual property rights, which are owned by ALCPA or other interested parties and are not licensed to you hereunder. ALCPA does not warrant the website to be error-free and will not be liable for any damages whatsoever, whether in an action of contract or otherwise relating to the use of the information contained in the website. Certain links in this website may connect you to website maintained by third parties, ALCPA has not verified the contents on these websites and will not be liable for any damages as a result of the use of these information contained in these links.