TAX midterm 1a

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  1. 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)
  2. Key characteristics of salaries tax
    • on individual
    • from employment, office and pension
    • personal allowance and concessionary deductions available
    • progressive tax rate
  3. 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)
  4. Key characteristics of property tax
    • owner of immovable property in HK AND has income accrued therefrom
    • 15%
  5. 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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317619
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TAX midterm 1a
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TAX midterm
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