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.