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Publications and Press Releases :
Press Release
: News Archives
Legislative Council Passes Revenue (Allowances
for Tax) Bill 2005
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The Legislative Council passed the
Revenue (Allowances for Tax) Bill 2005 today (June 8). The Bill
seeks to amend the Inland Revenue Ordinance (Cap. 112) to implement
two concessionary measures relating to allowances under salaries
tax and personal assessment announced in the 2005-06 Budget.
The first measure is to increase the child allowance from $30,000
per child to $40,000.
The second measure is to introduce two allowances for taxpayers
maintaining parents/grandparents aged between 55 and 59. They will
be granted a basic allowance of $ 15,000 a year, with an additional
allowance of the same amount if their parents or grandparents are
residing with them continuously.
Both measures will take effect from the 2005/06 year of assessment.
Around 300,000 and 100,000 taxpayers will benefit from the first
and second measures respectively. The measures are estimated to
cost government revenue of $1.07 billion in a full year.
Ends/Wednesday, June 8, 2005
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