Tax News Update    Email this document    Print this document  

March 5, 2024
2024-0517

Hong Kong 2024-25 budget proposal discussed

On 28 February 2024, the Financial Secretary of the Hong Kong Special Administrative Region delivered the Budget Proposal for the Hong Kong tax year beginning 1 April 2024 (2024/25). The proposals in this budget continue to be aimed at lessening the tax burden of taxpayers, including a one-off reduction of salaries tax for 2023-24. It should be noted the budget measures are proposals only and will not become law until they are approved by the Hong Kong Legislative Council. Once approved, the provisions will apply to the 2024-25 tax year.

A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.

* * * * * * * * * *
Attachment

Full text of Tax Alert

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement