鍾錦光會計師事務所
K K CHUNG & CO.
Certified Public Accountants

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Table of Rates

Profits Tax

Salaries Tax &
 
Salaries Tax Computation Program

Stamp Duty
Property Tax Estate Duty

Profits Tax

Corporations
Unincorporated Businesses

16%
15%


Property Tax

Property Tax is charged on the owners of land and/or buildings in Hong Kong and is computed at the standard rate of 15% on the net assessable value of the property.


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Salaries Tax

A. Tax Rates

@ 1994/95 to 1996/97 1997/98 1998/99 Onwards
@ Net Chargeable Income Rate Net Chargeable Income Rate Net Chargeable Income Rate
First $20,000 2% $30,000 2% $35,000 2%
Next $30,000 9% $30,000 8% $35,000 7%
Next $30,000 17% $30,000 14% $35,000 12%
Remaining @ 20% @ 20% @ 17%
or @ @ @ @ @ @
Standard Rate on Assessable Income (without allowances) 15% @ 15% @ 15%

A. Salaries Allowance


Allowance

1998/1999 &
1999/2000 onwards

Single

$108,000

Married (For couple)

$216,000

Child - 1st and 2nd

$30,000 (for each)

Child - 3rd to 9th

$15,000 (for each)

Dependent Parent/Grandparent

$30,000

Dependent Parent/Grandparent
(Additional for dependent living with taxpayer)

$30,000

Dependent Parent/Grandparent in residential care

Maximum $60,000

Single Parent

$108,000

Disable Dependent

$60,000

Education

Maximum $30,000

Mortgage Relief

Maximum $100,000 each year, for 5 years

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Salary Tax Computation Program

The Inland Revenue Department has developed a simple Salaries Tax Computation Program to help you calculate your own Salaries Tax liability.  All you have to do is to select the assessment year, marital status, input your income and the number of your dependants and then press the "Compute" button at the bottom of the input page.  Another page will appear which shows you your exact Salaries Tax liability.

Before you proceed, please read the following brief notes: -

  • The Salaries Tax payable figure produced by the program is for your information only.  Its correctness always depends on whether you have entered the correct income figure and dependant number.  We accept no liability whatsoever for any loss or damage which may be incurred by its use;
  • This program only works with Microsoft Internet Explorer version 3.0 or above;
  • This program had already been modified to take into account of a 10% rebate which is only applicable for the year of assessment 1997/98.

If you are ready, please click Salaries Tax Computation Program to enter the Salaries Tax Computation input page.


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Stamp Duty

On Sale or Transfer of Immovable Property in Hong Kong

Amount or value of the consideration

Rate

Exceeds

Does not exceed

.

$1,000,000

$100

$1,000,000

$1,080,000 $100+10% of excess over $1,000,000
$1,080,000 $2,000,000 0.75%
$2,000,000 $2,176,470 $15,000+10% of excess over $2,000,000
$2,176,470 $3,000,000 1.5%
$3,000,000 $3,290,320 $45,000+10% of excess over $3,000,000
$3,290,320 $4,000,000 2.25%
$4,000,000 $4,428,570 $90,000+10% of excess over $4,000,000
$4,428,570 $6,000,000 3%
$6,000,000 $6,720,000 $180,000+10% of excess over $6,000,000
$6,720,000 . 3.75%

On Lease of Immovable Property in Hong Kong

Term

Rate

Not defined or is uncertain

0.25% * of the yearly or average yearly rent
Exceeds Does not exceed .
. 1 year 0.25% * of the total rent payable over the term of the lease
1 year 3 years 0.5% * of the yearly or average yearly rent
3 years . 1% * of the yearly or average yearly rent

key money, construction fee etc.
mentioned in the lease

3.75% of the consideration if rent is also payable under the lease.  Otherwise, same duty as for a sale of immovable property

On Transfer of Hong Kong stock

Nature of Document

Rate

Contract Note for sale or purchase of any Hong Kong stock 0.1125% of the amount of the consideration or of its value * on every sold note and every bought note
Transfer operating as a voluntary disposition inter vivos $5 + 0.225% of the value * of the stock sold
Transfer of any other kind $5

Note: * Round-up the amount of the consideration or of its value to the nearest $1,000.


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Estate Duty

@

Persons Dying

Where the Principal Value of the Estate

Estate Duty

on or after

before

Exceeds Does not exceed Rate

April 1, 1996

April 1, 1997

- $6,500,000 Exempt
$6,500,000 $8,000,000 6%
$8,000,000 $9,500,000 12%
$9,500,000 - 18%
April 1, 1997 April 1, 1998 - $7,000,000 Exempt
$7,000,000 $8,500,000 6%
$8,500,000 $10,000,000 12%
$10,000,000 - 18%
April 1, 1998 . - $7,500,000 Exempt
$7,500,000 $9,000,000 5%
$9,000,000 $10,500,000 10%
$10,500,000 - 15%

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Room 308, Honwell Commercial Centre, 119 Connaught Road Central, Hong Kong
Tel: 2815 1555    Fax: 2815 1383    E-mail: kkchungcpa@kkchung.com