The Hong Kong Inland Revenue Department (IRD) has announced the passage of the Inland Revenue (Amendment) (Tax Deductions for Leased Premises Reinstatement and Allowances for Buildings and Structures) Bill 2024 by the Legislative Council on 18 December 2024. The legislation introduces a tax deduction for expenses incurred for reinstating the condition of premises under a lease to their original condition and removes the time limit for claiming annual allowances in respect of industrial/comme…