The Inland Revenue (Amendment) (Tax Concessions) Bill 2019 will be gazetted on March 8. The Bill seeks to implement concessionary tax measures proposed in the 2019-20 Budget.
The 2019-20 Budget has proposed one-off reductions of salaries tax, tax under personal assessment and profits tax for the year of assessment 2018/19 by 75 per cent, subject to a ceiling of $20,000 per case. The reductions will be reflected in taxpayers' final tax payable for the year of assessment 2018/19. The proposed one-off reductions will benefit 1.91 million taxpayers of salaries tax and tax under personal assessment as well as 145 000 tax-paying corporations and unincorporated businesses. The total revenue forgone in 2019-20 will amount to $18.9 billion.
The Bill will be introduced into the Legislative Council on March 20.
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