Hong Kong Tax Rates 2007-2008
| Financial Year (From April to March) |
2007/08 |
|
|
| TAX RATES |
% |
|
|
| Profits Tax |
|
| Corporations & its partnership |
17.5 |
| Individuals & partnership |
16 |
|
|
|
|
| Property Tax |
16 |
|
|
| Salaries Tax |
|
| Standard rate |
16 |
| Progressive rates |
|
| On the 1st $35,000 |
2 |
| On the 2nd $35,000 |
7 |
| On the 3rd $35,000 |
12 |
| On the remainder |
17 |
|
|
|
|
| ALLOWANCES |
$ |
| Personal Allowance |
|
| Single |
100,000 |
| Married |
200,000 |
| Child Allowance |
|
| 1st -2nd |
50,000 |
| 3rd-9th |
50,000 |
| One-off on birth |
50,000 |
|
|
| Single Parent Allowance |
100,000 |
| Disabled Dependent |
60,000 |
| Dependent parent/grandparent (Aged 60 or above) |
|
| residing with taxpayer |
60,000 |
| not residing with taxpayer |
30,000 |
| Dependent parent/grandparent (Aged 55-59) |
|
| residing with taxpayer |
30,000 |
| not residing with taxpayer |
15,000 |
| Dependent brother \ sister |
30,000 |
|
|
| DEDUCTION (Max) |
|
| Approved training expenses |
60,000 |
| Home Mortgage Interest |
100,000 (max 10 yrs) |
| Elderly Residential Care |
60,000 |
| Contribution to Recognised Retirement Scheme |
12,000 |
|
|
|
|
|
|
| SPECIFIC CHANGES IN VARIOUS INCOME TAXES |
|
| Percentage on Royalties Payment to be deemed as Assessable Profits |
30% |
| Tax-exempted Donations Ceiling in Percentage on Assessable Income |
25% |
|
|
| CAPITAL FEE (cap $30,000) |
0.10% |
|
|
|
|
| STAMP DUTY |
|
| On Stock Transfers |
0.20% |
|
|
| Conveyance of immovable property |
|
| Value of property |
|
| Below $1,000,000 |
$100 |
| $1,000,001 - $2,000,000 |
$100 |
| $2,000,001 - $3,000,000 |
1.50% |
| $3,000,001 - $4,000,000 |
2.25% |
| $4,000,000 - $6,000,000 |
3.00% |
| Above $6,000,000 |
3.75% |
|
|
| Lease |
|
| Within 1 year |
0.25% |
| Above 1 year & Within 3 years |
0.50% |
| Above 3 years |
1.00% |
|
