The Budget for 2013–14 was presented to the Legislative Council by the Financial Secretary on 27 February 2013. Details of the tax-related proposals, which unless otherwise indicated will apply from 1 April 2013 when they are enacted, are summarized below.

Direct taxation

Corporate taxation

• A 75% reduction of profits tax for the year of assessment 2012–13 was proposed, subject to a ceiling of HKD10,000 per case.

Personal taxation

• A 75% reduction of salaries tax and tax under personal assessment for the year of assessment 2012–13, subject to a ceiling of HKD10,000 per case.
• Child allowance and the additional one-off child allowance in the year of birth to be increased from HKD63,000 to HKD70,000.
• The deduction ceiling for self-education expenses to be increased from HKD60,000 to HKD80,000.
• An extra allowance to be provided to recipients of Comprehensive Social Security Assistance, Old Age Allowance, Old Age Living Allowance and Disability Allowance, equal to one month’s allowance.

Indirect taxation

• Waiver of business registration fees for 2013–14.
• Waiver of property rates for 2013–14, capped at HKD1,500 per tenement per quarter.

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