Salaries Tax and Tax under Personal Assessment
On salaries tax and tax under personal assessment, in his Policy Address the Chief Executive announced the lowering of the standard rate of salaries tax in 2008-09 by one percentage point to 15 per cent. This takes us back to the level in 2002-03. This standard rate is also applicable to tax under personal assessment, profits tax of unincorporated businesses, and property tax. This proposal will cost the Government $960 million a year.