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Hong Kong 2025/26 Budget Proposal discussed
On 26 February 2025, the Financial Secretary of the Hong Kong Special Administrative Region delivered the Budget Proposal for the 2025/26 tax year, commencing 1 April 2025. The Financial Secretary has proposed one-off tax reduction and rates concession but at a reduced scale. A one-off reduction of 100% of the salaries tax and tax under personal assessment has been proposed for 2024/25, capped at HK$1,500. This reduction will be deducted directly from the taxpayer’s 2024/25 final tax payable.
A Tax Alert prepared by EY's People Advisory Services, and attached below, provides additional details.