Hong Kong will introduce a two-tier profits tax system to enhance its competitiveness

On 11 October 2017, Carrie Lam, the Chief Executive of Hong Kong, delivered her Policy Address at the Legislative Council. Among the tax measures announced was the introduction of a progressive profits tax rate for companies. Under this proposal, the first HK$2 million of profits earned by a company will be taxed at half the current tax rate (i.e., 8.25%), whilst the standard tax rate of 16.5% will remain for profits above that amount. The proposed rate reduction could apply as early as the 2018/19 year of assessment.

 

You can read the full Policy Address here:  https://www.policyaddress.gov.hk/2017/eng/policy.html

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