On 28 February 2024, Hong Kong Financial Secretary Paul Chan delivered the 2024-25 Budget. Tax-related measures of the budget include:
- A one-off reduction of profits tax, salaries tax, and tax under personal assessment for the year of assessment 2023/24 by 100%, subject to a ceiling of HKD 3,000 per case;
- The implementation of a two-tiered standard rates regime for salaries tax and tax under personal assessment starting from the year of assessment 2024/25, including a 15% tax rate on net inc…