Bill will be introduced into the Legislative Council on October 30, 2024
Consistent with the previous announcement in the 2024/2025 budget speech (read TaxNewsFlash), the government on October 18, 2024, published draft legislation—the Inland Revenue (Amendment) (Tax Deductions for Leased Premises Reinstatement and Allowances for Buildings and Structures) Bill 2024—granting a tax deduction for reinstatement costs incurred for leased premises and removing the time limit for claiming the commercial building allowance (CBA) and industrial building allowance (IBA).
The bill will be introduced into the Legislative Council on October 30, 2024.
The Inland Revenue Department (IRD) on October 18, 2024, also released its guidance on the two proposed profits tax relief measures.
For more information contact a KPMG tax professional:
David Ling | davidxling@kpmg.com