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Inland Revenue (Amendment) Bill 2009 gazetted

The Inland Revenue (Amendment) Bill 2009, which seeks to implement one of the revenue measures announced in the 2009-10 Budget, was gazetted today (April 30).

Under the bill, the Inland Revenue Ordinance (Cap. 112) will be amended to effect the revenue proposal of allowing a one-off reduction of 50% of salaries tax and tax under personal assessment for year of assessment 2008-09, subject to a ceiling of $6,000.

"The Financial Secretary proposes this one-off measure to alleviate people's hardship and share their burden in times of difficulties," a Government spokesman said.

The spokesman added that the reduction would be reflected in the taxpayer's final tax payable for 2008-09.

It is estimated that the proposal to reduce salaries tax and tax under personal assessment for 2008-09 by 50%, subject to a ceiling of $6,000, will cost the Government about $4,100 million in 2009-10.

The bill will be introduced into the Legislative Council on May 13, 2009.

Ends/Thursday, April 30, 2009
Issued at HKT 11:01