Over 1.5 million taxpayers are set to benefit under the profits tax and salaries tax reduced.
Paul Chan Mo-po says salaries tax for current financial year will be reduced by 75%, capped at HK$20,000 In a bid to review Hong Kong’s tax regime and narrow tax base, Financial Secretary Paul Chan Mo-po announced on Wednesday his plan to establish a new tax policy unit as he rolled out tax rebates and raised tax allowances on the back of an estimated HK$92.8 billion fiscal surplus. “We cannot propose a tax cut which erodes our revenue base,” he said. “Neither can we adjust our tax rates frequently as this would affect the predictability of our tax regime and dent investor confidence. We have to examine the international competitiveness of our tax regime and address the problem of a narrow tax base. “
Back to news
Latest Immigration Videos
Chris and Bonnie at Prism have been an absolute pleasure to work with. They clearly explained the application process, assisted in drafting necessary documents and were always available to address any questions or concerns. We couldn't have asked for better consultants.
Director, Organic Modernism Limited
14/F, Tung Wai Commercial Building, 109-111 Gloucester Road, WanChai
+852 3464 5200