Hong Kong Tax Newsflash
Tax measures in 2023-24 Budget
Published date: 25 April 2023
Subsequent to the 2023-24 Budget speech, the Inland Revenue (Amendment) (Child Allowance and Tax Concessions) Bill 2023 was passed by the Legislative Council on 19 April 2023. This gives effect to two tax measures proposed in the Budget, including:
- Increasing the basic child allowance and the additional child allowance for each child born during the year of assessment from HKD120,000 to HKD130,000 starting from the year of assessment 2023/24; and
- One-off tax reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2022/23 by 100%, subject to a ceiling of HKD6,000 for each case.
Some proposals on stamp duty, e.g. adjustment of value bands of ad valorem stamp duty on property transactions and refund of stamp duty for eligible incoming talents, have been introduced to the Legislative Council pending passage. We will keep you updated on the developments.
Tax Newsflash is published for the clients and professionals of Deloitte Touche Tohmatsu. The contents are of a general nature only. Readers are advised to consult their tax advisors before acting on any information contained in this newsletter.
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