February 26 2020

Budget for 2020/21 – tax measures proposed

Source: IBFD Tax Research Platform News

The Budget for 2020/21 was presented to the Legislative Council by the Financial Secretary on 26 February 2020. The tax measures proposed require legislative amendments before implementation. Once enacted, the amendments will apply from 1 April 2020. The highlights of the proposal are as follows:

  • a one-off reduction of 100% of profits tax, salaries tax and tax under personal assessment for the year of assessment 2019/20, subject to a maximum of HKD 20,000 per case; and
  • a waiver of business registration fees for 2020/21.