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The Inland Revenue (Amendment) Bill 2017, which would implement concessionary tax measures proposed in Hong Kong's 2017-18 Budget, was gazetted on March 3, and will be tabled in the Legislative Council on March 22.
The proposed measures include widening marginal salaries tax bands from HKD40,000 (USD5,161) to HKD45,000; increasing the disabled dependent allowance from HKD66,000 to HKD75,000; and raising the dependent brother/sister allowance from HKD33,000 to HKD37,500.
In addition, the entitlement period for home loan interest deduction would be extended from 15 years to 20 years, while the current deduction ceiling of HKD100,000 a year would be maintained; and the deduction ceiling for self-education expenses would be increased from HKD80,000 to HKD100,000. All of the above adjustments together would reduce tax revenue by HKD2bn each year.
The 2017-18 Budget also proposes, at a cost of HKD18.3bn, a one-off 75 percent reduction of salaries tax, tax under personal assessment, and profits tax for the year of assessment 2016-17, subject to a ceiling of HKD20,000 per case.
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