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% |
|