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 case of non-registered precious metals and stones dealer carrying out specified transactions
Hong Kong Customs yesterday (July 14) detected a case involving a local company that conducted transactions of precious stones valued at over HK$120,000, without registration under the Dealers in Precious Metals and Stones Regulatory Regime. An investigation is ongoing.
According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), unless exempted, any person who is seeking to carry on a business of dealing in precious metals and stones and engage in any transaction(s) (whether making or receiving a payment) with a total value at or above HK$120,000 in Hong Kong is required to register with Hong Kong Customs. Any dealer, other than a registrant, who claims to be a registrant, claims to be authorised to carry out, or carries out any cash or non-cash transaction(s) with a total value at or above HK$120,000 is liable to a maximum fine of HK$100,000 and imprisonment for six months upon conviction.
Customs reminds dealers in precious metals and stones that they must obtain the relevant registration before they can carry out any cash or non-cash transaction(s) with a total value at or above HK$120,000.
For the forms, procedures and guidelines to submit applications for registration, please visit the website for Dealers in Precious Metals and Stones Registration System (www.drs.customs.gov.hk) or Customs' webpage (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html).
Members of the public may report any suspected transactions involving precious metals and stones with a total value at or above HK$120,000 conducted without the required registration 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/).
Source: AI-found images
