Hong 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