A bill to implement the one-off tax concessions proposed in the 2025-26 Budget will be gazetted on March 7 and introduced into the Legislative Council on March 19, the Government announced today.
The Budget proposed one-off reductions of salaries tax, tax under personal assessment and profits tax for the 2024-25 year of assessment by 100%, subject to a $1,500 ceiling per case. The reductions will be reflected in the final tax payable for that year of assessment.
The proposals will benefit 2.14 million taxpayers and about 165,400 taxpaying businesses. Government revenue in 2025-26 will be reduced by about $3.1 billion.
The bill will be introduced into LegCo for the first reading and the commencement of the second reading debate on March 19.
Additionally, a rating exemption order will be gazetted on March 7 and tabled at LegCo for negative vetting on March 19 to implement the one-off rates concessions proposed in the Budget to relieve the financial burden of the general public.
The Budget proposed to waive rates for the first quarter of 2025-26, with a concession ceiling of $500 per tenement. The rate concessions will benefit about 3.55 million properties, reducing government revenue by about $1.7 billion.
