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Hong Kong’s 2023/24 Budget Proposal and considerations for mobility programs
On 22 February 2023, the Financial Secretary of the Hong Kong Special Administrative Region delivered the Budget Proposal for the Hong Kong tax year beginning 1 April 2023 (2023/24).
The proposals in this budget continue to be aimed at lessening the tax burden of taxpayers, and include a one-off reduction of salaries tax for 2022/23 and increases to the basic child allowance and the additional child allowance for 2023/24.
It should be noted the budget measures are proposals only, and will not become law until they are approved by the Hong Kong Legislative Council. Once approved, the provisions will apply to the 2023/24 tax year.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.