The 2026 Bill implements tax concessions from the 2025 Policy Address and 2026 27 Budget, raising allowances for individuals, married couples, parents, grandparents, and children, and increasing the elderly care deduction. It also extends the newborn additional allowance claim period. These measures will benefit millions of taxpayers and reduce revenue by about HK$5.5 billion annually. The Bill also provides a one off 100% salaries, personal assessment, and profits tax reduction for 2025/26, capped at HK$3,000, benefiting over two million taxpayers and 170,800 businesses, with HK$5.78 billion in forgone revenue.