Legislators in Hong Kong have passed a tax bill which includes two tax relief measures that could save taxpayers up to HK2.7 billion (US$350 million).
The first measure in the Revenue Bill 2006, tabled in the 2006/7 budget, lowers the marginal rates of the second, third and top tax bands by 1% from the existing levels of 8%, 14% and 20%. The standard rate will remain unchanged.
The concession granted on reduced marginal tax rates will take effect from the 2006-07 assessment year and is forecast to cost the Government HK$1.5 billion in a full year.
The second measure is to extend the limit for deduction for home loan interest from seven to 10 years, subject to the maximum annual deduction of HK$100,000.
The concession extended for interest deduction will take effect from the 2005-06 assessment year and is estimated to cost $1.2 billion in 2006-07.
A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment