Government approves Inland Revenue (Amendment) (Tax Concessions) Bill 2025, offering one-off tax concessions for 2024/25. This reduces salaries tax, personal assessment tax, and profits tax by 100%, capped at $1,500 per case, benefiting 2.14 million taxpayers and 165,400 businesses. Expected revenue reduction is $3.1 billion.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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The Government has expressed satisfaction with the approval of the Inland Revenue (Amendment) (Tax Concessions) Bill 2025 by the Legislative Council on April 30. This legislative measure will introduce one-time tax concessions outlined in the 2025-26 Budget.
These tax concessions aim to provide relief to individuals and businesses, including a full 100 percent reduction on salaries tax, personal assessment tax, and profits tax for the 2024/25 tax year, with a cap of $1,500 per taxpayer. This initiative is anticipated to benefit approximately 2.14 million individuals and 165,400 businesses, with 16 percent of individual taxpayers and 12 percent of business taxpayers potentially not having to pay tax for this period.
The government expects that this measure will result in a revenue reduction of approximately $3.1 billion. The bill is set to be gazetted on May 9, and the tax concessions will be reflected in taxpayers' final tax liability for the 2024/25 tax year.
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