Posted on 15th Mar 2023 @ 6:26 PM

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In his 2023-24 Budget, the Financial Secretary proposed the following measures:

• Reducing profits tax, salaries tax and tax under personal assessment for the year of assessment 2022/23 
• Increasing child allowance
• Providing tax deduction for spectrum utilisation fees
• Increasing tax deduction for voluntary contributions made by employers to the Mandatory Provident Fund for employees aged 65 or above 
• Adjusting the value bands of ad valorem stamp duty at Scale 2 rates
• Imposing special football betting duty

The above measures have to be implemented through legislative amendments.  Highlights of the measures and implementation details are set out in the following paragraphs.  Answers to frequently asked questions (FAQ) and illustrative examples showing how the proposed measures would reduce taxpayers’ salaries tax and tax under personal assessment are also provided.  It should be stressed that details of the measures are subject to change during the legislative process.