ASIA REGULATORY ROUND UP – HONG KONG ANNOUNCES MAJOR TAX CUT
January 7th, 2015
THE HONG Kong government has proposed a 75% reduction of profits tax, salaries tax and tax under personal assessment for the 2014-15 assessment year, up to Hong Kong dollars HKD20,000 (USD2,578) per case. Announced in the government’s budget, the tax cut will cost HKD17.7 billion (USD2.2 billion), benefitting about 1.95 million taxpayers. It will not affect property tax. Lower tax bills will be issued from late July 2015, with the cut affecting the final tax for 2014-15, but not provisional tax assessments.The government also plans to amend the Inland Revenue ...
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