Dear Members and Affiliates,

We are happy to inform that the Inland Revenue (Amendment) (No. 5) Bill 2018 was passed by the Legislative Council on November 14, 2018 giving effect to the following three concessionary tax measures as proposed in the 2018/19 Budget: 

     - allowing husband and wife the option of electing for personal assessment (PA) separately; 

     - allowing enterprises to claim tax deduction for capital expenditure incurred for procuring environmental protection installations in full in one year instead of over five years; 

     - extending the scope of tax exemption for debt instruments under the Qualifying Debt Instrument (QDI) Scheme.

In addition, the Inland Revenue (Amendment) (No. 4) Bill 2018 was passed on October 31,2018 giving effect to 

     - tax deduction up to $8,000 per insured person under salaries tax and personal assessment to people who purchase eligible health insurance products for themselves or their specified relatives ( which cover the taxpayer's spouse and children, and the taxpayer's or his/her spouse's grandparents, parents and siblings) under the Voluntary Health Insurance Scheme (VHIS), starting from April 1, 2019.

For many years, SCAA has been lobbying for the option of allowing husbands and wives to elect for separate personal assessment  & tax deduction for health insurance in our annual Budget Submissions. We would like to thank the Financial Secretary, Mr. Paul MP Chan, the Government and the Legislative Council for passing this Bill.

Regards,
Elizabeth Law
Chairman of Taxation Committee
The Society of Chinese Accountants & Auditors
 

DISCLAIMER

All the information and materials provided on this email are intended to provide general information on the subject concerned and members are reminded that you use such information and materials entirely at your own risk.

The Society of Chinese Accountants & Auditors (“SCAA”) gives no warranty and accepts no responsibility or liability for the accuracy or the completeness of the information and materials contained in this email. Under no circumstances will SCAA be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever resulting or arising directly or indirectly from your reliance on the information and materials on this email.

This email also contains links to other internet sites. Such links are provided as an information service for our members. As SCAA has no control over third party sites, under no circumstances will SCAA be held responsible or liable for any content or material on such sites.