Hong Kong’s Legislative Council Endorses Tax Concessions
The Legislative Council (LegCo) in Hong Kong has approved the proposed tax concessions that were in the 2022-23 Budget.
This is a move that is welcomed by the Government because of the benefits that will ensue. Among these benefits include a reduction in personal tax assessment, salary tax, and profits tax. These will be for the 2021/22 year of assessment.
The reduction will be 100% and subject to a cap of S10,000 on a case-by-case basis.
2.01 Million Taxpayers to Benefit from the Concessions
At least 2.01 taxpayers in Hong Kong are expected to benefit from the tax concessions. Particularly under personal assessment tax and salaries tax. 151,000 tax-paying businesses are also expected to reap the rewards.
The government will forgo a revenue of up to $14.3 billion. Hong Kong’s Inland Revenue Department will be reflecting on the tax demand notes that are coming up soon.
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