The Budget for 2014/15 was presented to the Legislative Council by the Financial Secretary on 26 February 2014. The tax-related proposals will, once they are enacted, apply from 1 April 2014. The content of the proposals is summarized below.
(a) Corporate taxation
|-||Subject to a maximum of HKD 10,000, a one-off reduction of 75% of the current profits tax is proposed.|
(b) Personal taxation
|-||An one-off reduction of 75% of the current salaries tax and tax under personal assessment is proposed, subject to a maximum of HKD 10,000 per case.|
|-||Dependent parent/grandparent allowance is proposed to be increased as follows:
|-||The maximum amount of deduction for elderly residential care expenses is proposed to be increased from HKD 76,000 to HKD 80,000.|
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