Tax News Update    Email this document    Print this document  

May 31, 2024
2024-1104

Hong Kong gazetted bill for tax concession and two-tiered standard rates

The Inland Revenue (Amendment) (Tax Concession and Two-tiered Standard Rates) Bill 2024 (the Bill) was gazetted on 31 May 2024. The Bill gives effect to the tax measures proposed by the Chief Executive of the Hong Kong Special Administrative Region (HKSAR) in the 2023 Policy Address, as well as the tax measures proposed by the Financial Secretary of the HKSAR in the 2024/25 Budget (for more details about the 2024/25 Budget. The Inland Revenue Department will take into account the additional deduction ceiling for home loan interest or domestic rents and apply the two-tiered standard tax rate as appropriate when calculating the 2024/25 provisional salaries tax.

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