Tax Exemption Ordinance for Hung Fuk Yuen Gazetted, Legislative Council Review Next Wednesday

The government has taken swift action to ease the financial strain on victims of the devastating fire at Hung Fuk Yuen (宏福苑) in Tai Po. The Chief Executive in Council enacted the Tax Exemption (Hung Fuk Yuen) Order on October 9, gazetting it the same day under the Inland Revenue Ordinance 123. The order grants full exemption from outstanding tax balances for the 2024/25 assessment year and all tax liabilities for the 2025/26 assessment year, including provisional and final taxes 123. Tax categories covered include salaries tax, property tax, profits tax, and personal assessment 23. The exemption applies to owners, residents of Hung Fuk Yuen, as well as individuals who lost their lives in the fire incident 123. The order is scheduled for tabling at the Legislative Council on October 14, following the "enact first, report later" legislative procedure 123.

This tax exemption demonstrates the government's commitment to supporting disaster-affected residents in rebuilding their lives after a tragic incident. By covering multiple tax types across two assessment years, the relief provides meaningful financial breathing room for those already burdened by loss and displacement 12. The negative vetting procedure ensures democratic oversight while allowing immediate implementation of much-needed assistance 13.