The Chief Executive announced a reduction of the profits tax in his annual policy speech. The tax relief measures announced are summarized below: -   the profits tax will be reduced from the current 17.5% to 16.5% for corporations, and from 16% to 15% for unincorporated businesses for the financial year 2008-09; Further, the Chief Executive said that he would consider further profits tax relief if Hong Kong's economy remains robust and its public finance stays sound.