29 February 2016 Hong Kong 2016/17 budget proposal discussed The Financial Secretary of the Hong Kong Special Administrative Region delivered the Budget Proposal on February 24, for the Hong Kong tax year beginning April 1, 2016 (2016/17). The proposals in this budget are aimed at lessening the tax burden of taxpayers, including a one-off reduction of salaries tax for 2015/16 and changes to certain allowances and deductions, resulting in an overall reduction of salaries tax. The provisions of the Budget are proposals only, and will not become law until they are approved by the Hong Kong Legislative Council. Once approved, the provisions will apply with respect to the 2016/17 tax year. A Tax Alert prepared by Ernst & Young's Human Capital Group, and attached below, provides additional details. Document ID: 2016-0402 |
