Hong Kong Tax Rates 2007-2008 -- Hong Kong Business -- kaizen
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Hong Kong Tax Rates 2007-2008

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%

 



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