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Key characteristics of HK tax
- Schedular tax system
- Territorial source principle
- Absence of capital gain tax
- No dividend tax
- Taxation to certain non-residents (NR) with income derived from HK
- Generous Depreciation allowances on plant & machinery (P&M)
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Key characteristics of salaries tax
- on individual
- from employment, office and pension
- personal allowance and concessionary deductions available
- progressive tax rate
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Key characteristics of profits tax
- on persons who carry on a trade, business or profession
- HK source
- capital gains excluded
- 16.5% v 15% (unlimited)
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Key characteristics of property tax
- owner of immovable property in HK AND has income accrued therefrom
- 15%
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Key characteristics of stamp duty
- indirect
- levied on documents, not on transaction
- purchase and sale, lease of immovable property in HK, stocks
- ad valorem and/or fixed duty rates
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