HONG KONG
- Share via
From Times Staff and Wire Reports
Corporate, Individual Tax Rates Cut: In a surprise move, the government cut the tax rates for the fiscal year beginning April 1, as it projected a budget surplus and steadily mounting cash reserves. With government revenue swollen by soaring property prices and booming stock trading, Financial Secretary Hamish Macleod said in his annual budget speech last week that the corporate tax rate would fall to 16.5% from 17.5%, while the top marginal individual tax rate would drop to 20% from 25%.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
