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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.