Hong Kong budget and key changes

01.03.2024 Hong Kong's finance minister has unveiled the budget for the 2024-2025 fiscal year. Among the measures on tax policy, it is proposed:

- 100% discount on income tax, payroll tax and individual income tax up to a maximum amount of HK$3,000 for each taxpayer;
- income tax deduction for expenses for the restoration of leased property to its original condition;
- collection of tax on hotel accommodation at the rate of 3% from January 1, 2025.

In addition to the above measures, it is planned to apply a global minimum tax rate of 15% to multinational corporations with annual consolidated income of at least 750 million euros and introduce an additional Hong Kong minimum tax starting in 2025.

Link to the source: https://www.ird.gov.hk/eng/ppr/archives/24022809.htm