In July 2024, the Hong Kong Institute of Certified Public Accountants (HKICPA) issued Hong Kong Financial Reporting Standard (HKFRS) 18 Presentation and Disclosure in Financial Statements, the equivalent of International Financial Reporting Standard (IFRS) 18 Presentation and Disclosure in Financial Statements issued by the International Accounting Standards Board (IASB). HKFRS 18 replaces Hong Kong Accounting Standard (HKAS) 1 Presentation of Financial Statements. HKFRS 18 introduces new requirements that will affect the way entities across various industries report and disclose financial performance in their financial statements. Provisions from HKAS 1 that have not been amended have been transferred to HKFRS 18 and other HKFRSs for continued application. HKFRS 18 will be effective for annual reporting periods beginning on or after January 1, 2027, but entities may apply it earlier. Entities must retrospectively apply HKFRS 18.

The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2024/25 by 100%, subject to a ceiling of $1,500 per case.