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Link DetailsConcessionary tax measures passed Secretary for Financial Services & the Treasury James Lau welcomed the passage of the Inland Revenue (Amendment) (No. 5) Bill 2018 by the Legislative Council today.
It gives effect to three concessionary tax measures proposed in the 2018-19 Budget, including allowing husband and wife the option of electing for personal assessment separately from the year of assessment 2018-19.
Other measures include allowing enterprises to claim tax deduction for capital expenditure incurred for procuring environmental protection installations in full in one year instead of over five years, and extending the scope of tax exemption for debt instruments under the Qualifying Debt Instrument Scheme.
Mr Lau said allowing husband and wife the option of electing for personal assessment separately could provide married taxpayers with greater flexibility in tax assessment.
The shortening of the deduction period for capital expenditure incurred for procuring environmental protection installations could encourage enterprises to procure and use such installations, while extending the scope of tax exemption for debt instruments under the Qualifying Debt Instrument Scheme would promote the development of the local bond market, he added.
The Inland Revenue Department will update its website and Departmental Interpretation & Practice Notes to provide more information about tax assessment for married couples under personal assessment.
The relevant part of the tax return will also be updated. |
