Hong Kong
Taxation in Hong Kong
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Taxation in Hong Kong
Hong Kong has a simple tax system that is appealing to foreign investors as it is very business-friendly. There are three main taxes which are imposed: profits, salaries and property.
Income Tax
Salaries tax is charged on all income earned in Hong Kong. You are eligible if you spend at least 60 days each fiscal year in Hong Kong.
The first HK$100,000 (or US$12,850) earned is tax free. There are allowances offered, including those for charitable donations, mortgage interest, parents of children and donations to the Mandatory Provident Fund (MPF). Those people who work within and outside Hong Kong, and who have paid overseas tax, may have this section of salary exempted from their salaries tax in Hong Kong.
The standard tax rate is 15%. Over and above the first tax-free HK$100,000, the progressive tax rate increases from 2% to a maximum 17%. The 17% is applicable to taxable income exceeding HK$105,000.
Hong Kong has no sales tax, no withholding tax and no tax on an individual's estate.
Corporate Tax
Those who conduct business in Hong Kong, whether it be those operating companies, those in business partnerships, or individuals, are liable for profits tax, if the business has been carried out in Hong Kong. The maximum tax rate for corporations is 16.5% and 15% for unincorporated businesses.
Deductible items:
any expenses incurred in the production of profits
losses of the company
capital allowances on capital spending (varying between 4%-20%) and plant and machinery, up to an immediate write off of 100%
registration fees for patents/trademarks
contributions to an employee retirement scheme scientific research costs
Exempt items:
interest income, and dividends received from corporations capital gains