The Hong Kong Financial Secretary delivered his budget yesterday (26 Feb 2025). He proposed the following measures:

• Reducing profits tax, salaries tax and tax under personal assessment for the year of assessment 2024/25. The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2024/25 by 100%, subject to a ceiling of $1,500 per case

• Raising the maximum value of properties chargeable to a stamp duty of $100. The Financial Secretary proposed to raise the maximum value of properties chargeable to a stamp duty of $100 to $4 million with effect from 26 February 2025.

The above measures have to be implemented through legislative amendments. Details can be found on the IRD website.