The Revenue Bill 2008, which seeks to implement a number of the measures announced in the 2008-09 Budget, has been gazetted and will be tabled to lawmakers on May 7.

The Financial Services & the Treasury Bureau today said the Hotel Accommodation Tax Ordinance and the Inland Revenue Ordinance will be amended to effect the relevant revenue proposals.

The proposal to waive the hotel accommodation tax will be effected by amending the Hotel Accommodation Tax Ordinance and will come into effect on July 1. Other proposals relating to salaries tax, tax under personal assessment, profits tax and property tax will be effected by amending the Inland Revenue Ordinance. 

The proposal to waive the hotel accommodation tax will cost the Government $470 million a year while the suggestion to lower the standard rate and corporate tax rate will cost the Government about $5.36 billion a year.

The plan to increase personal allowances and widen tax bands will cost the Government about $2.31 billion a year while the proposal to increase the deduction ceiling for approved charitable donations will cost the Government about $80 million a year.

The suggestion to reduce salaries tax, tax under personal assessment, profits tax and property tax for 2007-08 by 75%, subject to a ceiling of $25,000 for each case, will cost the Government about $14.81 billion in 2008-09.