Hong Kong Legislative Council Passed the Tax Reduction Introduced in 2014/15 Budget
On 25 June 2014, Hong Kong Legislative Council passed the Inland Revenue (Amendment) Bill 2014 and carried out the tax reduction introduced in 2014/15 Budget.
The tax measures include reducing salaries tax, tax under personal assessment and profits tax for the year of assessment 2013/14 by 75%, and it is expected that the measures will benefit about 1.74 million taxpayers and 126 thousand companies and unincorporated businesses. In addition, in order to further alleviate the burden of taxpayers, the bill included the increase in allowances for maintaining a dependent parent or grandparent and raising the deduction ceiling for elderly residential care expenses under salaries tax and tax under personal assessment.
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