The Inland Revenue (Amendment) (Tax Concessions) Bill 2025, scheduled to be gazetted on March 7, proposes one-off tax reductions for salaries tax, personal assessment, and profits tax for the year of assessment 2024/25 by 100%. The Bill aims to benefit 2.14 million individuals and 165,400 businesses, reducing government revenue in 2025-26 by $3.1 billion. The Bill will be introduced into the Legislative Council on March 19.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
SPOTLIGHT ON
FAMILY OFFICES
The Inland Revenue (Amendment) (Tax Concessions) Bill 2025, slated for gazetting on March 7, introduces one-off tax concessions as proposed in the 2025-26 Budget. These concessions encompass reductions in salaries tax, personal assessment tax, and profits tax for the year of assessment 2024/25, totaling 100% each, with a cap of $1,500 per case. The final tax payable for the year of assessment 2024/25 will reflect these reductions, providing relief to approximately 2.14 million taxpayers and 165,400 taxpaying businesses. According to Budget estimates, these concessions are anticipated to reduce government revenue in 2025-26 by around $3.1 billion.
The Bill will undergo first reading in the Legislative Council on March 19, commencing the second reading debate. The release date of the Bill is March 7, 2025, at HKT 17:00.
View the full article:Source