Gazettal of Revenue (Tax Concessions) Bill 2022

     The Revenue (Tax Concessions) Bill 2022 will be gazetted on March 4. The Bill seeks to implement tax concessions proposed in the 2022-23 Budget.
     The Budget has proposed one-off reductions of salaries tax, tax under personal assessment and profits tax for the year of assessment 2021/22 by 100 per cent, subject to a ceiling of $10,000 per case. The reductions will be reflected in taxpayers' final tax payable for the year of assessment 2021/22. The proposals will benefit 2.01 million taxpayers of salaries tax and tax under personal assessment as well as 151 000 tax-paying businesses. The total government revenue forgone in 2022-23 will amount to $14.3 billion.
     The Bill will be introduced into the Legislative Council on March 16.

Ends/Wednesday, March 2, 2022
Issued at HKT 15:00