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HK's Legislature Passes 2018/19 Budget Bill

by Mary Swire, Tax-News.com, Hong Kong

17 May 2018


Hong Kong's Secretary for Financial Services and the Treasury, James Lau, has welcomed the recent passage of the 2018/19 Budget Bill through the special administrative region's parliament.

The Legislative Council passed the Inland Revenue (Amendment) Bill 2018 on May 16, 2018, which gives effect to concessionary tax measures including a one-off 75 percent reduction in salaries tax, tax under personal assessment, and profits tax for the 2017/18 tax year, subject to a ceiling of HKD30,000 (USD3,821) per case.

Lau said no application will be required for the one-off tax reductions, which will be reflected in the final tax payable by a taxpayer for 2017/18 tax year. Hong Kong's Inland Revenue Department will also take into account the concessionary tax measures when calculating provisional tax for the 2018/19 tax year.

In addition to the one-off measures, the bill also gives effect to tax relief aimed at individuals. The marginal salary tax band is widened from HKD45,000 to HKD50,000, the child allowance is increased from HK100,000 to HK120,000, and a HK75,000 personal disability allowance is introduced.

TAGS: individuals | tax | budget | corporation tax | Hong Kong | tax breaks | individual income tax

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