Tax Bill To Be Gazetted
The Inland Revenue (Amendment) (Tax Concessions) Bill 2020, which seeks to implement tax concessions proposed in the 2020-21 Budget, will be gazetted on March 6.
The 2020-21 Budget proposed one-off reductions of salaries tax, tax under personal assessment and profits tax for 2019-20 by 100%, subject to a ceiling of $20,000.
These reductions will be reflected in taxpayers' final tax payable for 2019-20.
The proposals will benefit 1.95 million taxpayers of salaries tax and tax under personal assessment as well as 141,000 tax-paying corporations and unincorporated businesses.
The total government revenue forgone in 2020-21 will be $20.8 billion.
The bill will be introduced into the Legislative Council on March 18.
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