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. “
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