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Hong Kong

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Hong Kong 2015-2016 Budget Delivered

On 25 February 2015, Hong Kong's Financial Secretary John C Tsang delivered the 2015-2016 budget. The proposed tax measures in the budget include:

  • A 75% reduction in salaries tax, profits tax and tax under personal assessment with a ceiling of HKD 20,000 per taxpayer for the year of assessment 2014-15 (applies for the final tax of the year only, and not to the provisional tax of the same year)
  • The introduction of legislation to allow interest deductions for profits tax for corporate treasury centers and a 50% tax reduction for treasury activities subject to certain conditions
  • The introduction of legislation to provide private equity funds the profits tax exemption available to offshore funds
  • Expansion of the scope of intellectual property rights eligible for the tax deduction of capital expenditure for such rights
  • An increase in basic child allowance and additional child allowance in the year of birth, from HKD 70,000 to HKD 100,000 per child beginning in 2015-16

The Budget does not include any changes to current salaries and profits tax rates. The proposed measures will not apply until enacted by the Legislative Council, and are subject to change.

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