Hong Kong: Salaries tax rates hold steady; Stamp duty proposals may impact property purchases

Global Watch ()

The Financial Secretary delivered the 2013/14 Hong Kong budget, the first one for the current Administration, on February 27, 2013. As compared to last year’s budget, the 2013/14 budget contains relatively few proposed changes related to Hong Kong salaries tax. The standard tax rate, marginal tax rates and marginal tax bands for salaries tax will remain the same whereas an increase in the child allowances and deduction ceiling for self-education expenses were proposed. A basket of one-off relief measures similar to those mentioned last year were proposed to help ease the burden of rising living costs of the general public. Although not mentioned in the budget, two other proposed measures may negatively impact foreigners wishing to purchase property.