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The Financial Secretary, Mr John C Tsang, proposed a package of tax measures. One of the measures is a reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2011-12.

In total, 1.62 million taxpayers whether incorporated or unincorporated, salary tax payers and individuals electing for personal assessment will enjoy the tax reduction. The measure will cost the Government $10.02 billion in the financial year 2012-13.

The reduction is 75% of the final tax payable for year of assessment 2011-12 or $12,000, whichever is the less. For example, if the final tax is $10,000, the reduction will be $7,500 with a balance of $2,500 to be paid.