Tax reliefs in the new Hong Kong budget
Within the new Hong Kong 2015-2016 budget were introduced a number of measures, which are designed to reduce the tax burden and maintain economic stability.
The main tax reliefs were presented for private persons. Their income tax, for example, will be lowered by 75%. However, was twiced the threshold of such reduced rate income – it now is HKD 20.000 (USD 2.580).
As far as the intellectual property (IP) purchases are concerned, HK Financial Secretary has announced that the question of expansion of this exemption rule on a few more types of IP will be considered. This will improve the Hong Kong leading IP trading positions in the region.
In general, the proposed budget has once again confirmed the Hong Kong tax stability.
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