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Hong Kong Passes Inland Revenue (Amendment) Bill 2018 Including Capped Tax Reduction and New Individual Tax Brackets

The Hong Kong Inland Revenue Department has announced the passage of the Inland Revenue (Amendment) Bill 2018 on 16 May 2018. The Bill includes mainly individual income tax measures proposed in the 2018-19 Budget, including:

  • A reduction in the salaries tax, profits tax, and tax under personal assessment for the year of assessment  2017-18 by 75%, subject to a ceiling of HKD 30,000 per case (is applied automatically in final tax payable);
  • An increase in the marginal bands for salaries tax from the current HKD 45,000 to HKD 50,000, along with an increase in the number of bands from 4 to 5 and an adjustment of the rates with effect from year of assessment 2018-19 as follows:
    • up to HKD 50,000 - 2%
    • over HKD 50,000 up to 100,000 - 6%
    • over HKD 100,000 up to 150,000 - 10%
    • over HKD 150,000 up to 200,000 - 14%
    • over HKD 200,000 - 17%

The Bill also sets out the various allowances for individuals, including the basic allowance, different dependent allowances, child allowances, etc. For year of assessment 2018-19, the basic allowance is HKD 132,000, and for married persons, it is HKD 264,000.

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