Hong Kong Proposes Tax Measures Under 2023-24 Budget Speech (Corrected)

The Hong Kong Government Feb. 22 announced proposed tax measures under the 2023-24 budget speech. The speech includes measures that would: 1) reduce the profits tax and the salaries tax by 100 percent for the 2022-23 assessment year, with a ceiling of HK$6,000 (US$718); 2) set concession rates for domestic and non-domestic properties for the first two quarters of 2023-24, subject to a ceiling of HK$1,000 (US$120) per quarter for each property; 3) extend application of the small and medium enterprise financing guarantee regime through March 2024; 4) allow tax deductions for spectrum fees paid by specific telecommunications network operators; ...