News: 2024.03.20
At today's Legislative Council meeting, the Secretary for Financial Services and the Treasury, Mr Hui Ching-yu, made a motion for the second reading of the Inland Revenue (Amendment) (Tax Concessions and Two-Tier Standard Rates) Bill 2024. He pointed out that this amendment will bring significant changes to Hong Kong's tax system and will help promote economic development and improve the quality of life of citizens.
Director Xu Zhengyu said that the new tax system will implement tax exemptions and a two-tier standard tax rate to reduce the tax burden on low- and middle-income families, while encouraging more people to invest and start businesses. He emphasized that this revision was a decision made after in-depth research and discussion and will help promote the sustainable development of Hong Kong's economy.
In addition, Director Xu Zhengyu also mentioned that the new tax system will be more fair and transparent, helping to create a more competitive business environment. He called on all members of the Legislative Council to support this amendment and work together to promote Hong Kong's economic development and social progress.
Finally, Director Xu Zhengyu said that the government will pay close attention to the implementation of the new tax system and make necessary adjustments and improvements based on market changes and social needs. He believes that this revision will bring more opportunities and challenges to Hong Kong and promote the city's prosperity and stability.
To sum up, the speech by the Secretary for Financial Services and the Treasury, Mr Hui Ching-yu, at the second reading of the "Inland Revenue (Amendment) (Tax Concessions and Two-Tier Standard Rates) Bill 2024" proposed at the Legislative Council meeting fully demonstrated the government's With our commitment and determination to Hong Kong's economic development, we believe that this amendment will bring a better future to all Hong Kong citizens.