LegCo approves tax concessions

April 6, 2022

The Government welcomed the Legislative Council’s passage of the Revenue (Tax Concessions) Bill 2022 today.


The endorsement will realise the tax concessions proposed in the 2022-23 Budget, which reduces the salaries tax, tax under personal assessment and profits tax for the year of assessment 2021/22 by 100%, subject to a ceiling of $10,000 per case.


Secretary for Financial Services & the Treasury Christopher Hui said: “The tax concessions will benefit about 2.01 million taxpayers of salaries tax and tax under personal assessment, and 151,000 tax-paying businesses, with the total government revenue forgone amounting to about $14.3 billion.”


The Inland Revenue Department will reflect the tax reductions in the upcoming tax demand notes, the Government added.

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