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Tax Reduction
166.
I now propose a one-off tax reduction of 75 per cent of salaries tax and tax under personal assessment for 2007-08, subject to a ceiling of $25,000. The reduction will be reflected in the
taxpayer's final tax payable for 2007-08. This proposal will cost the Government $12.4 billion in 2008-09 and benefit 1.4 million taxpayers. After the reduction, about a million taxpayers will pay no more than $5,000 in tax.
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