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Charged on all income arising in or derived from Hong Kong from office and employments.

Tax Rate Table, Allowances and Deductions

(1) Calculation of Tax Payable

Tax payable is calculated at progressive rates on your net chargeable income or

at standard rate on your net income (before deduction of the allowances),

whichever is lower. It is further reduced by the tax reduction, subject to a maximum.

Net Chargeable Income  =  Income  -  Deductions  -  Allowances

 

Year of Assessment                        2017/18                                          2018/19 onwards #

 

 

Net Chargeable Income

 

 

Rate

 

 

Tax

 

Net Chargeable Income

 

 

Rate

 

 

Tax

 

 

$

$

$

$

On the First

 

45,000

 

2%

 

900

 

50,000

 

2%

 

1,000

On the Next

 

45.000

7%

 

3.150

 

50.000

6%

 

3.000

On the Next

 

90,000

 

 

 

4,050

 

100,000

 

 

 

4,000

 

45.000

12%

 

5.400

 

50.000

10%

 

5.000

 

 

135,000

 

 

 

9,450

 

150,000

 

 

 

9,000

On the Next

 

 

 

 

 

 

 

50,000

 

14%

 

7,000

 

 

 

 

 

 

 

 

200,000

 

 

 

16,000

Remainder

 

 

 

17%

 

 

 

 

 

17%

 

 

Standard

 

 

 

15%

 

 

 

 

 

15%

 

 

Rates of Tax

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax Reduction

   Year of

Assessment

% of Tax Reduction

      Maximum

      Per Case

Applicable

Tax Types

($)

2012/13 & 2013/14

75%

10,000

profits tax, salaries tax and tax under personal assessment

2014/15 to 2016/17

75%

20,000

profits tax, salaries tax and tax under personal assessment

2017/18

75%

30,000

profits tax, salaries tax and tax under personal assessment

(2)  Allowances

Year of Assessment

2018/19

2017/18

onwards #

$

$

Basic Allowance

132,000

 

$ 132,000

Married Person's Allowance

264,000

 

264,000

Child Allowance (For each of the 1st to 9th child)

100,000

 

120,000

For each child born during the year, the Child Allowance will be increased by

100,000

 

120,000

Dependent Brother or Sister Allowance (For each dependant)

37,500

 

37,500

Dependent Parent and Dependent Grandparent Allowance(For each dependant)

 

 

 

     Parent / grandparent aged 60 or above or is eligible to claim an 

46,000

 

50,000

        allowance under the Government's Disability Allowance Scheme

 

 

 

     Parent / grandparent aged 55 or above but below 60

23,000

 

25,000

Additional Dependent Parent and Dependent Grandparent Allowance

 

 

 

     Parent / grandparent aged 60 or above or is eligible to claim an 

46,000

 

50,000

        allowance under the Government's Disability Allowance Scheme

 

 

 

    Parent / grandparent aged 55 or above but below 60

23,000

 

25,000

Single Parent Allowance

132,000

 

132,000

Personal Disability Allowance

-

 

75,000

Disabled Dependant Allowance (For each dependant)

75,000

 

75,000

 

(3)  Deductions - Maximum Limits

    2018/19

Year of Assessment

2017/18

onwards #  

$

$

Expenses of Self-Education

 

100,000

 

100,000

Elderly Residential Care Expenses

 

92,000

 

100,000

Home Loan Interest

 

100,000

 

100,000

Mandatory Contributions to Recognized Retirement Schemes

 

18,000

 

18,000

Approved Charitable Donations

 

 

 

 

[(Income - Allowable Expenses - Depreciation Allowances) x Percentage ]

 

35%

 

35%

# until superseded