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Rent deductions | Legislative Council passes bill expecting 430,000 taxpayers to benefit from 3.3 billion yuan less in treasury collections every year

2022-06-22T08:36:12.479Z


About 430,000 taxpayers who do not own residential properties and are renting private residences will benefit from a bill on residential rental tax deductions passed by the Legislative Council this afternoon (22nd). During the year of assessment, the eligible


About 430,000 taxpayers who do not own residential properties and are renting private residences will benefit from a bill on residential rental tax deductions passed by the Legislative Council this afternoon (22nd).

Qualifying rental expenses paid during the year of assessment may be deducted from the taxable income, up to a maximum of $100,000 per year of assessment, with no term limit.

The government estimates that tax revenue will be cut by about $3.3 billion a year as a result.


Xu Zhengyu: Deduction items are reviewed every year in the budget

Several MPs spoke in support of the amendment, but hoped that the government would make more reference to the market rent trend in the future to increase the rent deduction and exemption.

The leader of the Liberal Party, Zhang Yuren, even praised that the government has done an excellent job of explaining the bill and consulting with lawmakers this time.

The Secretary for Financial Services and the Treasury, Xu Zhengyu, said that the amendments can reduce the burden on eligible taxpayers. He also pointed out that the government will continue to review relevant tax arrangements, review tax rates, deductions, etc. when formulating budgets every year, and will also pay attention to the implementation of this measure. situation after.

This meeting is the last time before the government changes. As the July 1 event is approaching, a member of the House of Representatives has to work in a closed loop, and the Legislative Council cancels the meeting next Wednesday.

Strictly prevent lawmakers from being infected before July 1, the Legislative Council cancels next week's meeting, the Public Works Group will hold a video meeting, and the political circle is rumored to work in a closed loop for a week before July 1.

Source: hk1

All news articles on 2022-06-22

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