Hong Kong Legislative Council Passed the Tax Reduction Introduced in 2015/16 Budget
On 9 July 2015, Hong Kong Legislative Council passed the Inland Revenue (Amendment) (No. 2) Bill 2015 and carried out the tax reduction introduced in 2015/16 Budget.
The tax measures include reducing salaries tax, tax under personal assessment and profits tax for the year of assessment 2014/15 by 75%, and it is expected that the measures will benefit about 1.82 million taxpayers and 130,000 companies and unincorporated businesses. In addition, in order to further alleviate the burden of taxpayers, the bill includes the increase in basic and additional child allowances under the salaries tax and tax under personal assessment, which will benefit about 370,000 taxpayers.
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