Hong Kong Gazettes Ordinance Introducing Tax Deduction for Domestic Rent Payments

The Hong Kong Official Gazette June 30 published Ordinance No. 7/2022 introducing a tax deduction for domestic rent payments, effective for assessment years commencing on or after April 1. The ordinance was proposed as a part of the 2022-23 Budget. The ordinance includes measures: 1) capping the deduction at HK$100,000 (US$12,738) per year on a principal place of residence; 2) limiting the deduction to taxpayers who are liable for salaries tax, are assessed under personal assessment, and who don’t own domestic property; 3) explaining how the deduction applies with respect to spouses, co-tenants, parking spaces, and partial-year rentals; and 4) ...