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March 5, 2024

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.

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Full text of Tax Alert