ASIAN REGULATORY ROUND UP – HONG KONG 2019 BUDGET INCLUDES SIGNIFICANT PROFITS AND SALARY TAX BREAKS
February 1st, 2019
THE HONG Kong government’s 2019 budget is to include a planned 75% reduction of profits tax, salaries tax and tax under personal assessment for the 2018-19 tax year, up to Hong Kong dollars HKD20,000 (USD2,547) per case. These breaks will cost HKD18.9 billion (USD2.4 billion), benefiting about 2.05 million taxpayers. Reduced tax bills will be issued from late July, with excess tax requested in earlier provisional demands being refunded later. The HK financial secretary has also proposed waiving business registration fees for 2019-20. See ...
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