Secretary for Financial Services & the Treasury Prof KC Chan welcomed the Legislative Council's passage of the Inland Revenue (Amendment) Bill 2017 today.
The bill enables the Inland Revenue Department to implement the tax policy proposals in the Budget.
They include widening the marginal salary tax bands from $40,000 to $45,000, increasing the disabled dependant allowance from $66,000 to $75,000 and raising the dependent brother/sister allowance from $33,000 to $37,500.
The new ordinance also gives effect to the one-off concessionary tax measures proposed in the Budget.
They include the reduction of salaries tax, tax under personal assessment and profits tax for the year of assessment 2016-17 by 75%, subject to a ceiling of $20,000 per case.
Prof Chan said: “We are pleased to see the passage of the bill by the Legislative Council today, so the Inland Revenue Department can implement the one-off tax reduction in this year’s tax bills.”
