The Budget for 2019/20 was presented to the Legislative Council by the Financial Secretary on 27 February 2019. The tax-related proposals require legislative amendments before implementation. Once enacted, the amendments will apply from 1 April 2019.
The main proposals include:
- a one-off tax reduction of 75% on profits tax, salaries tax and tax under personal assessment for the year of assessment 2018/19, subject to a maximum of HKD 20,000 per case; and
- a waiver of business registration fees for 2019/20.
Further details of the Budget will be reported in due course.