2016-17 Budget – Tax Measures

1. The business registration fees are waived for the year of 2016-17 except the levy charge at HK$250 is     required to be paid within the waived period 1st April 2016 to 31st March 2017.

2. In 2016-17 Budget, the Financial Secretary proposed the following tax measures:-
(a) Profits Tax, Salaries Tax and Tax under Personal Assessment for the year of assessment 2015-16 are reduced by 75%, subject to a ceiling of HK$20,000 per case.
(b)Increasing Allowances
-Basic Allowance from $120,000 to $132,000 per person
-Single Parent Allowance from $120,000 to $132,000
-Dependent Parent/Grand Parent Allowances from $40,000 to $46,000 and $20,000 to $23,000 for aged over 60 and 55 to 59 respectively per each dependant
-Additional Dependent Parent/Grand Parent Allowance - increasing amount is same as Dependent Parent/Grand Parent Allowance.
(c)Elderly Residential Care Expense from $80,000 to $92,000.