Salary tax cuts of 75%
Source: Xinhua |
February 2, 2012, Thursday
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Print Edition
Print Edition
HONG Kong's financial chief John Tsang announced yesterday the city government would cut salaries tax and tax under personal assessment for the 2011-2012 fiscal year by 75 percent, subject to a ceiling of HK$12,000 (US$1,542).
The cut, benefiting 1.5 million taxpayers, will be reflected in the taxpayers' final tax payable for the 2011-2012 fiscal year, ending March 31 next year.
This proposal will cost the city government HK$8.9 billion, he told lawmakers in the last budget for the current Hong Kong government.
The cut was one of seven steps the city will take to ease the pressure of the economic downturn on its 7.1 million residents.
The cut, benefiting 1.5 million taxpayers, will be reflected in the taxpayers' final tax payable for the 2011-2012 fiscal year, ending March 31 next year.
This proposal will cost the city government HK$8.9 billion, he told lawmakers in the last budget for the current Hong Kong government.
The cut was one of seven steps the city will take to ease the pressure of the economic downturn on its 7.1 million residents.
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