Government welcomes passage of tax concessions bill

     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Inland Revenue (Amendment) (Tax Concessions) Bill 2020 by the Legislative Council today (June 10). The new Ordinance gives effect to the tax concessions proposed by the Government in the 2020-21 Budget, i.e. reducing salaries tax, tax under personal assessment and profits tax for the year of assessment 2019/20 by 100 per cent, subject to a ceiling of $20,000 per case.
 
     "The concessionary measure helps relieve the tax burden of taxpayers. The Inland Revenue Department will reflect the tax reductions in the tax demand notes to be issued; application is not required," Mr Hui said.
 
     The concessionary measure will benefit 1.95 million taxpayers of salaries tax and tax under personal assessment, and 141 000 tax-paying corporations and unincorporated businesses. The government revenue in 2020-21 will be reduced by $20.8 billion accordingly.