The Government welcomed the Legislative Council’s passage of the Revenue (Tax Concessions) Bill 2022 today.
The endorsement will realise the tax concessions proposed in the 2022-23 Budget, which reduces the salaries tax, tax under personal assessment and profits tax for the year of assessment 2021/22 by 100%, subject to a ceiling of $10,000 per case.
Secretary for Financial Services & the Treasury Christopher Hui said: “The tax concessions will benefit about 2.01 million taxpayers of salaries tax and tax under personal assessment, and 151,000 tax-paying businesses, with the total government revenue forgone amounting to about $14.3 billion.”
The Inland Revenue Department will reflect the tax reductions in the upcoming tax demand notes, the Government added.