Secretary for Financial Services & the Treasury Prof KC Chan welcomed the Legislative Council’s passage of the Inland Revenue (Amendment) (No. 2) Bill 2016 today.
It gives effect to the 2016-17 Budget’s two major concessionary revenue proposals.
They are the one-off 75% reduction of salaries tax, tax under personal assessment and profits tax for the 2015-16 assessment year, subject to a $20,000 ceiling per case, and the adjustment to two categories of allowances under salaries tax and tax under personal assessment.
Prof Chan said: "We are pleased to see the passage of the bill by the Legislative Council today, so that the Inland Revenue Department can give effect to the one-off tax reduction in this year's tax bills."
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