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 assessment is proposed. The reduction is subject to a ceiling of HKD 25,000. By way of example, for a person whose final tax liability for the financial year...