Government welcomes passage of Inland Revenue (Amendment) (Tax Concessions, Concessionary Deductions and Allowances) Bill 2026
The Government welcomed the passage of the Inland Revenue (Amendment) (Tax Concessions, Concessionary Deductions and Allowances) Bill 2026 by the Legislative Council today (May 13) to implement the concessionary tax measures proposed in the 2025 Policy Address and the 2026-27 Budget.
A Government spokesperson said, "The measures include increasing the basic allowance, married person's allowance, single parent allowance, basic and additional child allowance, basic and additional allowance for dependent parent/grandparent and the deduction ceiling for elderly residential care expenses, as well as extending the claim period for additional child allowance for newborns starting from the year of assessment 2026/27. About 2.09 million taxpayers will benefit, reducing tax revenue by about $5.51 billion per year.
"The measures also include a one-off 100 per cent reduction of salaries tax, tax under personal assessment and profits tax for the year of assessment 2025/26, subject to a ceiling of $3,000 per case. It is expected to benefit about 2.12 million taxpayers and 170 000 businesses, with about 24 per cent of the taxpayers and 18 per cent of the businesses not needing to pay tax for the year of assessment 2025/26. The government revenue will be reduced by about $5.78 billion."
The above legislation as passed will be gazetted on May 22. The one-off tax concessions, increased allowances and deduction ceilings will be reflected in taxpayers' final tax payable for the year of assessment 2025/26 and the tax payable for the year of assessment 2026/27 respectively.
The Central Government Offices, Photo source: reference image
Hong Kong Customs detects dangerous drugs case and seizes suspected drugs worth about $27 million
Hong Kong Customs detected a dangerous drugs case yesterday (May 12), and seized about 35.7 kilograms of suspected cocaine, 235 grams of suspected ketamine and 64g of suspected crack cocaine in Tseung Kwan O and Shau Kei Wan. The total estimated market value was about $27 million. A 31-year-old man was arrested.
During an anti-narcotics operation conducted in Tseung Kwan O yesterday afternoon, Customs officers intercepted a suspicious man and seized about 30kg of suspected cocaine inside a suitcase and a backpack carried by him. The man was subsequently arrested. Customs officers later escorted him to a residential premises nearby for a search and further seized about 5.4kg of suspected cocaine. Upon a follow-up investigation, the man was further brought to an industrial premises in Shau Kei Wan for a search, and about 307g of suspected cocaine, 235g of suspected ketamine, 64g of suspected crack cocaine and a batch of suspected drug packaging paraphernalia were seized.
The arrested man has been charged with three counts of trafficking in dangerous drugs and will appear at the Kwun Tong Magistrates' Courts tomorrow (May 14).
Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.
Members of the public may report any suspected drug trafficking activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Hong Kong Customs detects dangerous drugs case and seizes suspected drugs worth about $27 million Source: HKSAR Government Press Releases
Hong Kong Customs detects dangerous drugs case and seizes suspected drugs worth about $27 million Source: HKSAR Government Press Releases
