The Financial Secretary Chan Mo-po, Paul said in the 2020-21 Budget Speech that the government will reduce salaries tax and tax under personal assessment for the year of assessment 2019/20 by 100 percent, subject to a ceiling of $20,000.
The reduction will be reflected in the final tax payable for the year of assessment 2019/20. This will benefit 1.95 million taxpayers and reduce government revenue by $18.8 billion.
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