Chen Maobo: Hong Kong Introduces Tax Cuts and Other Measures to Alleviate Citizens' Burden

The Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, today (26th) stated that considering the pressures faced by certain industries and citizens, as well as the financial situation of the SAR Government, measures will be implemented to alleviate the burden on citizens. This includes reducing 100% of salaries tax and personal income tax for the 2024/2025 tax year, with a cap of 1500 Hong Kong dollars, benefiting approximately 2.14 million taxpayers. The reductions will be reflected in the final tax payable for the 2024/2025 tax year. Government revenue will decrease by approximately 2.9 billion Hong Kong dollars; reducing 100% of profits tax for the 2024/2025 tax year, with a cap of 1500 Hong Kong dollars, benefiting approximately 165,400 companies across Hong Kong. The reductions will be reflected in the final tax payable for the 2024/2025 tax year. Government revenue will decrease by approximately 200 million dollars, etc.