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SUMMARY OF HONG KONG TAX SYSTEM |
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Profits Tax All corporations, partnerships, trustees and bodies of persons carrying on any trade, profession or business in Hong Kong are chargeable to tax on all profits (excluding profits arising from the sale of capital assets) arising in or derived from Hong Kong from such trade, profession or business. The profits tax rate for the year of assessment 2003/04 (from 1 April 2003 to 31 March 2004) is 17.5%. Stamp Duty In accordance with the Stamp Duty Ordinance (Cap. 117), the
following transactions and documents are subject to stamp duty:- Detailed information on stamp duty Property Tax Property Tax is charged on the owners of land and/or buildings in Hong Kong and is computed at the standard rate on the net assessable value of the property. If the income from property chargeable to Property Tax is included in the taxpayer's profits for Profits Tax purposes, or if the property owned by the taxpayer is occupied by him/her for business purposes, the amount of Property Tax paid may be deducted from the amount of Profits Tax assessed. Corporations carrying on a trade, profession or business in Hong Kong, on application made in writing to the Commissioner, may be exempt from paying the Property Tax which would otherwise be set off against their Profits Tax. Salaries Tax Salaries Tax is imposed on all income arising in or derived from Hong Kong from an office or employment or any pension. "Income arising in or derived from Hong Kong", without in any way limiting the meaning of the expression, includes all income derived from services rendered in Hong Kong. Estate Duty Estate Duty is charged, according to a sliding scale of rates which vary with the date of the deceased's death on the total value of the property situate in Hong Kong which "passes" or is deemed to pass in connection with a person's death. |
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