The 2023/24 tax season is about to begin, and the tax bureau will start to issue tax returns next week.
In the 2024/25 Budget Report, the Financial Secretary made the following proposals: 1. Reduce 100% of profits tax, salaries tax and personal assessment for the year of assessment 2023/24, subject to a cap of $3,000 per case ($6,000 in 2022/23);
2. Starting from 2024/25, a two-tiered standard tax rate system for salaries tax and personal income tax will be implemented. For those with an annual income of more than 5 million dollars, their first 5 million dollars of income will continue to be calculated at a 15% tax rate. For those with an annual income of more than 5 million dollars, the tax rate will be 16%
The new measures will increase the tax burden on taxpayers. Therefore, tax planning must be done to cope with the increased tax burden. To make a good tax plan, you need to find a licensed accountant who is experienced and sincerely wants to help you. He can recommend the most appropriate tax filing and tax payment plan according to the different situations of the client; instead of filing taxes randomly and not paying taxes.
Our company is a licensed accounting firm in Hong Kong with more than 30 years of experience in handling various tax matters. Our aim is to "grow together with our customers and share results". If you have any tax issues, please feel free to contact our company.
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