Hong Kong’s administration has gazetted the Inland Revenue (Amendment) Bill 2010 to implement two concessionary revenue measures announced in the 2010-11 budget.
The first of the two measures will reduce salaries tax and tax under personal assessment for 2009-10 by 75%, subject to a ceiling of HKD6,000 (USD770) per case. A government spokesman said that: "The Financial Secretary proposed the one-off reduction on salaries tax and tax under personal assessment to alleviate taxpayers' financial burden at an early stage of economic recovery.”
The reduction will be reflected in a taxpayer's final tax payable for 2009-10, and it is estimated that the proposal on reduction on salaries tax and tax under personal assessment will cost the government just over HKD4.5bn in 2010-11.
The second measure will accelerate the profits tax deduction for capital expenditure on environment-friendly vehicles. To encourage the business sector to purchase such vehicles, the 2010-11 budget proposed a 100% profits tax deduction for capital expenditure on environment-friendly vehicles in the year of purchase.
The bill will be introduced into the Legislative Council on May 12.
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