2014/2015 budget leaves salaries tax rates intact and includes some one-off relief measures

Global Watch ()
The Financial Secretary delivered the 2014/15 Hong Kong budget on February 26, 2014. Similar to last year’s budget, the 2014/15 budget does not introduce any changes to the standard tax rate, marginal tax rates and marginal tax bands for Hong Kong salaries tax. However, the budget proposes increases in the dependent parent/grandparent allowance and deduction ceiling for elderly residential care expenses. Also, the budget proposes one-off relief measures but on a smaller scale than what was in last year’s budget for such measures. Global mobility managers should consider the budget’s potential impact on assignee populations in Hong Kong.