The Budget 2017-18 (2017-03-05)

2017-03-31

In the Budget for this year, the Financial Secretary proposed

-to increase the marginal tax bands for salaries tax;

-to increase the disabled dependant allowance and dependent brother or dependent sister allowance;

-to raise the deduction ceiling for self-education expenses and

-to extend the entitlement period for home loan interest deduction. He also proposed a 75 per cent reduction of the profits tax, salaries tax and tax under personal assessment for the year of assessment 2016/17, subject to a ceiling of $20,000 per case. 

-The Government has started the law amendment process. After enactment of the relevant legislation, the IRD will effect the tax measures in the 2016/17 tax bills.

 

Source: from IRD, HKSAR