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Tax planning revenues in Hong Kong reached a new high in the last financial year, according to figures from the regions commissioner of inland revenue, Alice Lau.
Ms Lau said yesterday that tax revenue increased by seven per cent during 2006-07 to reach HK$155 billion.
Income from salary tax grew by three per cent during the period, with a similarly buoyant figure recorded in profits tax.
Tax mitigation, property tax and personal assessment was a real winner for the government during the year, notching up an eight per cent improvement.
Hong Kongs financial secretary has said that 50 per cent of salary tax and personal assessment payments will be waived for the last financial year.
"Salary earners should complete this years tax return as usual. No application is needed for the waiver," said Ms Lau.
With increased concessions likely to be implemented in future months, Ms Lau predicted revenues to fall to HK$112 billion for this financial year.
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