Tax Bill To Be Gazetted
The Inland Revenue (Amendment) Bill 2018, which implements concessionary measures from the Budget, will be gazetted on March 9.
The measures include increasing the number of tax bands from four to five, increasing the allowance for a dependent parent or grandparent and introducing a new personal disability allowance starting from 2018-19.
These measures will reduce tax revenue by $6.43 billion a year.
The Budget also proposed a one-off reduction in salaries tax, tax under personal assessment and profits tax for 2017-18 by 75%.
It will benefit 1.88 million taxpayers and 142,000 tax-paying businesses.
The bill will be introduced at the Legislative Council on March 21.
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