Hong Kong Income Tax Rate, Corporate Tax 2017 - 2018Hong Kong Income Tax Rate 2018-2019. Personal Tax Rates, Resident, Non Resident and Corporate / Companies.

 

 

Hong Kong Income Tax Rate for 2018-2019 onwards

Taxable Income Tax Rate
$0 to 50,000 2%
$50,001 to 1,00,000 6%
$100,001 to 1,50,000 10%
$150,001 to 2,00,000 14%
Over $2,00,000 17%
Standard Rate 15%

 

Annual Income level at which standard rate is applicable for 2018-2019

Type of Assessee Amount $
Single 1,32,000
Married 2,64,000
Child Allowance

1st to 9th Child each

- Year of Birth

- Other Years

 

 

$240,000

$120,000

 

Including two dependent parents,  annual Income level at which standard rate is applicable for 2018-2019

Dependant Parent / Grant Parent Allowance

Aged 60 or above

- Not residing with Tax Payer

- Residing with Tax Payer throughout the year

 

Age 55 to 59

- Not residing with tax Payer

- Residing with tax payer throughout the year

 

 

$50,000

$100,000

 

 

$25,000

$50,000

Dependent Brother Sister Allowance

To Whom no child allowance is claimed

 

$37,500

Single Parent Allowance $132,000
Disabled Dependant Allowance

(in addition to any allowances already granted for the disabled dependant)

 

$75,000

Personal Disability Allowance

(in addition to any allowances already granted for the disabled person)

 

$75,000

 

Deductions

Maximum Deduction for amount paid for Amount $
Self Education Expenses $100,000
Home Loan Interest $100,000
Elderly Residential Care Expenses $100,000
Contribution to recognized retirement schemes $18,000
Approved Charitable Donations 35% of Income after allowable expenses and depreciation allowances

 

Capital Gain Tax in Hong Kong

Profits from sale of capital assets (as opposed to trading assets) are specifically exempt from profits tax. However, there are no definitive legal rules that draw the distinction between capital and trading assets

 

 

Corporate Income Tax Rate in Hong Kong for Financial Year 2017-2018

- 16.5% for Corporations

- 15% for Un incorporated business

 

Profits tax deductions

Expenses incurred in the production of chargeable profits in any period are deductible from profits tax.

Capital expenditure incurred in the purchase of the following items are fully tax deductible :

- rights to patent

- industrial know-how

- registered trademarks

- copyrights and registered designs from unrelated parties

- for use in Hong Kong

 

Deduction against charitable donations

- 35% of assessable profits for charitable donations

 

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