Tax Breaks for Businesses and Individuals of 100%

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Despite the fact that the Profits Tax rate is already quite low at 8.25 percent on assessable profits up to $2,000,000, the government intends to reduce the burden of Profits Tax and Salaries Tax on Hong Kong taxpayers. Each case of Profits Tax, Salaries Tax, and "Tax under Personal Assessment" is eligible for a maximum HK$20,000 tax reduction for the assessment year 2019/20 (from 1 April 2019 to 31 March 2020).

A Hong Kong company and its sole director, for example, can benefit from two sets of tax breaks because the company's and director's incomes are taxed differently: profits tax and salaries tax. Each tax reduction case is limited to HK$20,000.

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