3 July 2013
Passage of the Inland Revenue (Amendment) (No. 2) Bill 2013 by the Legislative Council
The Bill seeks to implement the concessionary revenue measures proposed in the 2013-14 Budget. These include an increase in both the basic and additional child allowances under salaries tax and tax under personal assessment, an enhancement in the deduction ceiling for expenses of self-education under salaries tax, and a one-off reduction of salaries tax, tax under personal assessment and profits tax for the year of assessment 2012-13 by 75 per cent, subject to a ceiling of $10,000 per case.
About 1.53 million taxpayers will benefit from the one-off reduction of salaries tax and tax under personal assessment. The one-off reduction of profits tax will benefit about 119 000 tax-paying companies. About 310 000 taxpayers will benefit from the measures of increasing the basic and additional child allowances as well as enhancing the deduction ceiling for expenses of self-education.
(Source : Information Services Department)
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