The Budget for the financial year 2008/09 was presented by the Financial Secretary on 27 February 2008. Unless stated otherwise, the Budget proposals, when passed, will take effect on 1 April 2008. Details of the budgetary proposals affecting taxation are summarized below:
Special tax relief for period 2007/08
A one-off reduction of 75% of the 2007/08 final tax liability in respect of salaries tax, profits tax, property tax and tax under personal asses…