 |
|
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|
Profits Tax
Different tax rates apply to corporation and unincorporated
business, as follows:
Corporation:
| |
Year of assessment |
Tax rate |
| |
2008/09
onwards ## |
16.5% |
| |
2003/04
and 2007/08 # |
17.5% |
| |
2002/03 |
16% |
Unincorporated business:
| |
Year of assessment
|
Tax rate
|
| |
2008/09
onwards ## |
15% |
| |
2004/05
and 2007/08 # |
16% |
| |
2003/04 |
15.5% |
| |
2002/03 |
15% |
# For 2007/08, a one-off reduction of 75% of 2007/08 final tax
subject to a ceiling of $25,000 was proposed in the 2008/09 Budget
and the proposal is subject to passing of the relevant legislation.
## Tax rate proposed in the 2008/09 Budget and the proposal is
subject to passing of the relevant legislation.
Non-resident entertainers
and sportsmen
Amount to be withheld by the Hong
Kong payer for tax payment:
| (a) |
If the performance is procured
directly with the non-resident entertainer/sportsman |
| |
|
|
| |
Year of assessment
|
Amount to be retained
|
| |
2008/09
onwards ## |
10%
of gross amount payable |
| |
2004/05
and 2007/08 # |
10.67%
of gross amount payable |
| |
2003/04 |
10.33%
of gross amount payable |
| |
2002/03 |
10%
of gross amount payable |
| (b) |
If the performance is procured
through a non-resident agent who is an individual person or
a partnership |
| |
|
|
| |
Year of assessment
|
Amount to be retained
|
| |
2008/09
onwards ## |
10%
of gross amount payable |
| |
2004/05
and 2007/08 # |
10.67%
of gross amount payable |
| |
2003/04 |
10.33%
of gross amount payable |
| |
2002/03 |
10%
of gross amount payable |
| (c) |
If the performance is procured through a non-resident
agent who is a corporate agent or a corporation |
| |
|
|
| |
Year of assessment
|
Amount to be retained
|
| |
2008/09
onwards ## |
11%
of gross amount payable |
| |
2003/04
and 2007/08 # |
11.67%
of gross amount payable |
| |
2002/03 |
10.67%
of gross amount payable |
# For 2007/08, a one-off reduction of 75% of 2007/08 final tax
subject to a ceiling of $25,000 was proposed in the 2008/09 Budget
and the proposal is subject to passing of the relevant legislation.
## Tax rate proposed in the 2008/09 Budget and the proposal is
subject to passing of the relevant legislation.
Property
Tax
| |
Year of assessment
|
Tax rate
|
| |
2008/09
onwards ## |
15% |
| |
2004/05
and 2007/08 # |
16% |
| |
2003/04 |
15.5% |
| |
2002/03 |
15% |
# For 2007/08, a one-off reduction of 75% of 2007/08 final tax
subject to a ceiling of $25,000 was proposed in the 2008/09 Budget
and the proposal is subject to passing of the relevant legislation.
## Tax rate proposed in the 2008/09 Budget and the proposal is
subject to passing of the relevant legislation.
Salaries Tax and Personal
Assessment
Net Chargeable Income, i.e. assessable income after
deductions and allowances, is charged at progressive rates as tabulated
below. The amount of tax charged, however, shall not exceed the
amount charged by applying the standard rate
to the net total income, i.e. assessable income after deductions
but before allowances.
Year of Assessment 2008/09 ##
| |
|
Net
Chargeable Income |
Rate |
Tax
|
| |
|
$ |
|
$ |
| |
On
the First |
40,000 |
2%
|
800 |
| |
On the Next |
40,000
|
7%
|
2,800 |
| |
|
80,000 |
|
3,600 |
| |
On the Next |
40,000
|
12%
|
4,800 |
| |
|
120,000 |
|
8,400 |
| |
Remainder |
|
17%
|
|
## Tax rate proposed in the 2008/09 Budget and the proposal is
subject to passing of the relevant legislation.
Year of Assessment 2007/08 #
| |
|
Net
Chargeable Income |
Rate |
Tax
# |
| |
|
$ |
|
$ |
| |
On
the First |
35,000 |
2%
|
700 |
| |
On the Next |
35,000
|
7%
|
2,450 |
| |
|
70,000 |
|
3,150 |
| |
On the Next |
35,000
|
12%
|
4,200 |
| |
|
105,000 |
|
7,350 |
| |
Remainder |
|
17%
|
|
# For 2007/08, a one-off reduction of 75% of 2007/08 final tax
subject to a ceiling of $25,000 was proposed in the 2008/09 Budget
and the proposal is subject to passing of the relevant legislation.
Year of Assessment 2006/07**
| |
|
Net
Chargeable Income |
Rate |
Tax
** |
| |
|
$ |
|
$ |
| |
On
the First |
30,000 |
2%
|
600 |
| |
On the Next |
30,000
|
7%
|
2,100 |
| |
|
60,000 |
|
2,700 |
| |
On the Next |
30,000
|
13%
|
3,900 |
| |
|
90,000 |
|
6,600 |
| |
Remainder |
|
19%
|
|
**50% of the 2006-07 salaries tax or tax charged under personal assessment
is waived subject to a ceiling of $15,000 per assessment.
Year of Assessment 2004/05 and 2005/06
| |
|
Net
Chargeable Income |
Rate |
Tax |
| |
|
$ |
|
$ |
| |
On
the First |
30,000 |
2%
|
600 |
| |
On the Next |
30,000
|
8%
|
2,400 |
| |
|
60,000 |
|
3,000 |
| |
On the Next |
30,000
|
14%
|
4,200 |
| |
|
90,000 |
|
7,200 |
| |
Remainder |
|
20%
|
|
Year of Assessment 2003/04
| |
|
Net
Chargeable Income |
Rate |
Tax |
| |
|
$ |
|
$ |
| |
On
the First |
32,500 |
2%
|
650 |
| |
On the Next |
32,500
|
7.5%
|
2,437.50 |
| |
|
65,000 |
|
3,087.50 |
| |
On the Next |
32,500
|
13%
|
4,225 |
| |
|
97,500 |
|
7,312.50 |
| |
Remainder |
|
18.5%
|
|
Year of Assessment 2002/03
| |
|
Net
Chargeable Income |
Rate |
Tax |
| |
|
$ |
|
$ |
| |
On
the First |
35,000 |
2%
|
700 |
| |
On the Next |
35,000 |
7% |
2,450 |
| |
|
70,000 |
|
3,150 |
| |
On the Next |
35,000 |
12% |
4,200 |
| |
|
105,000 |
|
7,350 |
| |
Remainder |
|
17%
|
|
Standard
Rate
| |
Year of assessment
|
Tax rate
|
| |
2008/09
onwards ## |
15% |
| |
2004/05
and 2007/08 # |
16% |
| |
2003/04 |
15.5% |
| |
2002/03 |
15% |
# For 2007/08, a one-off reduction of 75% of 2007/08 final tax
subject to a ceiling of $25,000 was proposed in the 2008/09 Budget
and the proposal is subject to passing of the relevant legislation.
## Tax rate proposed in the 2008/09 Budget and the proposal is
subject to passing of the relevant legislation.
*
see Annual Income level at which salaries
taxpayers
enter the standard rate zone
|
| |
|
| |
Annual
income levels at which salaries taxpayers
enter the standard rate zone#
| |
Year of Assessment
2005/06
($) |
Year of Assessment
2006/07
($)
|
Year
of Assessment
2007/08
($)
|
| |
|
|
| |
|
|
|
| Single |
770,000 |
983,334 |
2,750,000 |
| Married |
1,270,000 |
1,616,667 |
4,450,000 |
| Married + 1 child |
1,470,000 |
1,870,000 |
5,300,000 |
| Married + 2 children |
1,670,000 |
2,123,334 |
6,150,000 |
| Married + 3 children |
1,870,000 |
2,376,667 |
7,000,000 |
| |
|
|
|
| Including two dependent parents/grandparents
aged 60 or above |
| |
| Single |
1,070,000 |
1.363,334 |
3,770,000 |
| Married |
1,570,000 |
1,996,667 |
5,470,000 |
| Married + 1 child |
1,770,000 |
2,250,000 |
6,320,000 |
| Married + 2 children |
1,970,000 |
2,503,334 |
7,170,000 |
| Married + 3 children |
2,170,000 |
2,756,667 |
8,020,000 |
| |
|
|
|
| Including two dependent parents/grandparents
both aged 60 or above and living with the taxpayer |
| |
| Single |
1,370,000 |
1,743,334 |
4,790,000 |
| Married |
1,870,000 |
2,376,667 |
6,490,000 |
| Married + 1 child |
2,070,000 |
2,630,000 |
7,340,000 |
| Married + 2 children |
2,270,000 |
2,883,334 |
8,190,000 |
| Married + 3 children |
2,470,000 |
3,136,667 |
9,040,000 |
| |
|
|
|
| Including one dependent parents/grandparents
aged 60 or above and living with the taxpayer and one disabled
dependent brother/sister |
| |
|
|
|
| Single |
1,520,000 |
1,933,334 |
5,300,000 |
| Married |
2,020,000 |
2,566,667 |
7,000,000 |
| Married + 1 child |
2,220,000 |
2,820,000 |
7,850,000 |
| Married + 2 children |
2,420,000 |
3,073,334 |
8,700,000 |
| Married + 3 children |
2,620,000 |
3,326,667 |
9,550,000 |
| |
|
|
|
| Single parent with |
| |
| 1 child |
1,470,000 |
1,870,000 |
5,300,000 |
| 2 children |
1,670,000 |
2,123,334 |
6,150,000 |
| 3 children |
1,870,000 |
2,376,667 |
7,000,000 |
| |
|
|
|
# Effects of
the various deductions not included.
|
| |
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| |
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