Sunnyvale, CA (PressExposure) March 19, 2013 -- The measures are expected to help further increase Hong Kong's attractiveness as a business destination for companies expanding globally.
Key highlights of the Hong Kong budget prepared by the international tax services team at Nair & Co.
Hong Kong Direct Taxes
A proposed reduction of 75% to Profits Tax for the year of assessment 2012-13 subject to a cap of HK$ 10,000 per case.
Salary tax and tax under personal assessment for the year of assessment 2013-12 to be reduced by 75% with a cap of HK$ 10,000 per case.
Additional one-off child allowance (in the year of birth) and Child allowance are to be increased to HK$ 70,000 from the current HK$ 63,000.
The deduction limit on self-education expenses is to be raised by HK$ 20,000 to HK$80,000.
Recipients of Old Age Allowance, Old Age Living Allowance, Comprehensive Social Security Assistance and Disability Allowance are to receive an additional allowance which is equal to one month's allowance.
Hong Kong Indirect Taxes
Waiver on Business Registration Fees and Property Rates
For the year 2013-2014, business registration fees are to be waived.
Property rates for 2013-14 are to be waived with a cap of HK$ 1,500 per apartment per quarter.
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