Reducing profits tax, salaries tax and tax under personal assessment for the year of assessment 2014/15
The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2014/15 by 75%, subject to a ceiling of $20,000 per case.
This measure will be effected by amending the Inland Revenue Ordinance.
For profits tax, the ceiling of the tax reduction is applied to each business. For salaries tax, the ceiling is applied to each individual taxpayer; but for couples jointly assessed, the ceiling is applied to each couple. For personal assessment, single taxpayers will each be subject to the ceiling. Married couples must make their personal assessment election together and the ceiling will therefore apply to each couple.