The Budget for 2014/15 was presented to the Legislative Council by the Financial Secretary on 26 February 2014. The tax-related proposals will, once they are enacted, apply from 1 April 2014. The content of the proposals is summarized below. Direct taxation (a) Corporate taxation - Subject to a maximum of HKD 10,000, a one-off reduction of 75% of the current profits tax is proposed. (b) Personal taxation - An one-off reduction of 75% of the current salaries tax and tax under personal assessment is proposed, subject to a maximum of HKD 10,000 per case. - Dependent parent/grandparent allowance is proposed...