The Inland Revenue (Amendment) Bill 2015, which aims to implement concessionary revenue measures proposed in the 2015-16 Budget, was gazetted today and will be tabled at the Legislative Council on April 29.
The measures include increasing the basic and additional child allowances under the salaries tax and tax under personal assessment from $70,000 to $100,000; and reducing salaries tax, tax under personal assessment and profits tax for the 2014-15 assessment year by 75%, subject to a ceiling of $20,000 per case.
Subject to LegCo passing the legislation, the proposals for increasing the basic and additional child allowances will take effect for the 2015-16 assessment year onwards. About 370,000 taxpayers will benefit.
The proposed one-off reduction of salaries tax, tax under personal assessment and profits tax will be reflected in taxpayers' final tax payable for 2014-15. About 1.82 million taxpayers and 130,000 tax-paying companies and unincorporated businesses will benefit.
