2 videos to show you how much profits tax and salaries tax will be reduced and child allowance will be increased in 23-24 Budget by the HK Government !
The 2023-24 Budget has been released and compares unfavourably with previous years. In particular, The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2022/23 by 100%, subject to a ceiling of $6,000 per case.
To make it easier for you to watch and understand how much the profits tax and salaries tax concessions are, we made a video:
Increasing child allowance to $130,000！
The Financial Secretary proposed to increase child allowance starting from the year of assessment 2023/24. The basic child allowance for each child and the additional child allowance for each child born during the year of assessment will both increase from the current $120,000 to $130,000. After the increase, the total allowance for a child born during the year of assessment will be $260,000, and the allowance for each subsequent year will be $130,000.
The relevant legislation for the tax measure was passed by the Legislative Council. The Inland Revenue Department will automatically apply the new level of child allowances in calculating the provisional salaries tax for the year of assessment 2023/24.There is no need to make a separate application, you just need to fill in the tax return for the year of assessment 2022-23 to claim the child allowance.
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