The Hong Kong Legislative Council on Wednesday passed the Revenue Bill 2004 which seeks to implement two revenue measures announced in the 2004/2005 Budget.
The first of these measures will extend the entitlement for home loan interest deduction under salaries tax and personal assessment from five to seven individual years of assessment.
The second measure is to expand the scope of deduction for research and development expenses under profits tax to cover design-related expenses.
The concession in relation to home loan interest deduction will take effect from the 2003/04 year of assessment and is estimated to cost government revenue of $4.6 billion over the next five years.
Meanwhile, the research and development expense deduction will take effect from the 2004/05 year of assessment and has an estimated price tag of $30 million for a full year.
.
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