Tax concessions bill to be gazetted
March 6, 2019
A bill seeking to implement concessionary tax measures proposed in the 2019-20 Budget will be gazetted on March 8.
The Budget proposed a one-off 75% reduction for salaries tax, tax under personal assessment and profits tax for 2018-19, subject to a $20,000 ceiling per case.
The reductions will show in taxpayers’ final tax payable for 2018-19 and will benefit 1.91 million taxpayers and 145,000 tax-paying corporations and unincorporated businesses.
The Inland Revenue (Amendment) (Tax Concessions) Bill 2019 will be introduced into the Legislative Council on March 20.