Hong Kong’s 2014/2015 Budget, which was presented in February 2014, contained some relief measures for individuals. Individual taxpayers will benefit from proposed one-off “relief” measures including a Salaries Tax reduction of up to 75 percent for 2013/2014, capped at HKD 10,000. The government also proposed an increase in the allowances available for those with dependent parents and grandparents. The deduction allowed for contributions made by employees to recognized retirement schemes and Mandatory Provident Fund schemes has been increased to HKD 17,500 for the year of assessment 2014/2015.
Download PDF of Flash International Executive Alert:Hong Kong – Stability Underscores 2014/2015 Budget Measures for Individuals