The Hong Kong Inland Revenue Department (IRD) has announced the Inland Revenue (Amendment) (Tax Deductions for Leased Premises Reinstatement and Allowances for Buildings and Structures) Bill 2024, which was published on 18 October 2024 and will be introduced into the Legislative Council for its first reading on 30 October 2024. The legislation will introduce a tax deduction for expenses incurred for reinstating the condition of premises under a lease to their original condition and will remove the time limit for claiming annual allowances in respect of industrial/commercial buildings or structures. The IRD has also published draft guidance on Tax Deductions...