Blog

03
feb

Hong Kong considers new tax measures in 2012-13 Budget

Financial Secretary, Mr John C Tsang, announced a package of tax measures for supporting businesses and individuals

Financial Secretary proposed to waive business registration fees for 2012-13 and abolish capital duty levied on local companies to encourage investors to set up companies in Hong Kong.

Among the other measures there is a 75 per cent reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2011-12, subject to a ceiling of $12,000 per case.

The tax reduction will benefit taxpayers paying profits tax, salaries tax and tax under personal assessment in the year. In total, 1.62 million taxpayers will enjoy the tax reduction. The measure will cost the Government $10.02 billion in the financial year 2012-13.

source:news.gov.hk