The Government welcomed the passage of the Inland Revenue (Amendment) (Tax Concessions) Bill 2025 by the Legislative Council today (April 30) to implement the one-off tax concessions proposed in the 2025-26 Budget, which will reduce salaries tax, tax under personal assessment, and profits tax for the year of assessment 2024/25 by 100 per cent, subject to a ceiling of $1,500 per case.

     A Government spokesperson said, "The tax concessions will benefit about 2.14 million taxpayers and about 165 400 taxpaying businesses, with about 16 per cent of the taxpayers and 12 per cent of the taxpaying businesses not needing to pay tax for the year of assessment 2024/25. The Government revenue will be reduced by about $3.1 billion."

     The legislation as passed will be gazetted on May 9. The tax concessions will be reflected in taxpayers' final tax payable for the year of assessment 2024/25.

Ends/Wednesday, April 30, 2025
Issued at HKT 16:24

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