The Inland Revenue (Amendment) (No. 2) Bill 2015 was passed by the Hong Kong Legislative Council on 9 July 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. Taxpayers that are 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 adjustment will be made automatically, and if a final assessment for 2014-15 has already been issued, the Inland Revenue Department will make a reassessment. No action is required from the taxpayer.
Click the following link for the government press release.
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