Hong Kong will introduce one-off and accelerated tax cuts for environment-friendly machinery and installations, the Special Administrative Region's government said yesterday.
"A 100-percent deduction under profits tax will be provided in the year of purchase for capital expenditure incurred on the provision of eligible machinery," a government spokesman said.
The relevant tax law amendments will soon be made with the passing of a Revenue Bill by the Legislative Council.
Environmental protection machinery includes low noise construction machinery or plant registered under the Quality Powered Mechanical Equipment system, certain waste treatment, wastewater treatment and air pollution control machinery or plant.
(Xinhua News Agency April 27, 2008)
