November 19 2018

Three concessionary tax measures in Budget 2018/19 implemented

Source: IBFD Tax Research Platform News

The Inland Revenue (Amendment) (No.5) Bill 2018 was passed by the Legislative Council on 14 November 2018. It gives effect to three concessionary tax measures proposed in the 2018-19 Budget. These measures include, effective from the year of assessment 2018/19:

  • allowing husband and wife the option of electing for personal assessment separately;
  • allowing enterprises to claim a 100% tax deduction for capital expenditure incurred in procuring environmental protection installations in 1 year instead of over 5 years; and
  • extending the scope of tax exemption for debt instruments under the Qualifying Debt Instrument Scheme.