The Hong Kong Legislative Council passed the Inland Revenue (Amendment) (No. 2) Bill 2016 in its third reading on 19 May 2016. The legislation includes measures proposed in the 2016-2017 Budget (previous coverage). The measures affecting corporate taxpayers are relatively limited, and include the extension/expansion of certain incentives and support programs, and a 75% reduction in final profits tax for the 2015-16 tax year, which is capped at a maximum tax reduction of HKD 20,000.
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