On 17 April 2015, Hong Kong's Inland Revenue Department gazetted the Inland Revenue (Amendment) (No. 2) Bill 2015. The main measure is a 75% reduction in salaries tax, profits tax and tax under personal assessment with a ceiling of HKD 20,000 per taxpayer for the year of assessment 2014-15. A taxpayer who is separately chargeable to salaries tax and profits tax can enjoy the tax reduction under each of the tax types. The reduction applies for the final tax of the year only, and not to the provisional tax of the same year.
The Bill will be introduced into the Legislative Council on April 29. Once enacted, the adjustment will be made automatically. If any final assessment for 2014-15 is issued before the enactment of the law, the Inland Revenue Department will make a reassessment after the enactment. No action is required from the taxpayer.
Click the following link for the Inland Revenue Department press release.
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