Hong Kong SAR, Xina: Entorn econòmic
Property tax in Hong Kong SAR is levied annually on the owner of any land or buildings (excluding government and consular properties) at a standard rate of 15% on the net assessable value of the property. The net assessable value is calculated as the consideration payable to the owner for the right to use the property, minus any rates paid by the owner and a 20% notional allowance. Corporate rental income from Hong Kong properties is subject to profits tax. A corporation subject to profits tax can request an exemption from property tax for the property. If no exemption is sought, the property tax paid can be offset against the profits tax payable by the corporation.
The government also levies indirect taxes as privately owned land in Hong Kong is normally held by way of a government lease: the rate is generally 3% of the rateable value of the property.
Under the Mandatory Provident Fund scheme, employers are required to make a mandatory contribution for their employees that is equal to 5% of their monthly income (the relevant minimum and maximum income levels are HKD 7,100 and HKD 30,000, respectively).
The Plastic Shopping Bag (PSB) charging scheme mandates that all plastic bags (excluding those used for food hygiene purposes) provided for retail sales, including flat-top bags, incur charges, with retailers required to levy at least HKD 1 per bag, retaining the proceeds. Additionally, effective from 1 August 2024, the Hong Kong SAR government will enforce Municipal Solid Waste (MSW) charging, aligning with the 'polluter-pays' principle, wherein waste disposal across all sectors will be subject to charges based on quantity.
Hong Kong SAR, China | East Asia & Pacific | United States | Germany | |
Number of Payments of Taxes per Year | 3.0 | 23.4 | 10.6 | 9.0 |
Time Taken For Administrative Formalities (Hours) | 34.5 | 195.1 | 175.0 | 218.0 |
Total Share of Taxes (% of Profit) | 21.9 | 33.8 | 36.6 | 48.8 |
Source: Doing Business, Latest available data.
Salary Tax Income Base | Salary Tax Rates (2023/24) Maximum tax will be limited to tax at the standard rate of 15% on the net assessable income (after any business deductions) less concessionary deductions and charitable donations but without the deduction of personal allowances. For 2024-25, the salaries tax and tax under personal assessment are reduced by 100%, subject to a ceiling of HKD 3,000. |
From HKD 0 to 50,000 | 2% |
From HKD 50,000 to 100,000 | 6% |
From HKD 100,000 to 150,000 | 10% |
From HKD 150,000 to 200,000 | 14% |
More than HKD 200,000 | 17% |
Property Tax on rental income | 15% on the net assessable value of such land or buildings (minus a statutory allowance of 20% on the net assessable value for repairs and maintenance) |
Taxable income includes various forms of compensation from employment, such as salaries, commissions, bonuses, awards, gratuities, allowances, and other benefits, including those convertible to cash and educational benefits for employees' children. The taxable value of employer-provided rent-free residences, or the rateable value if lower, is typically considered as 10% of the employee's income (4% or 8% for hotel and hostel accommodation, respectively, based on room numbers). This treatment extends to rent reimbursement for employee accommodation, contingent on proper employer oversight. Additionally, specific pensions are also subject to taxation. | |
Two-tiered standard rates regime for Salaries Tax and tax under personal assessment starting from the year of assessment 2024-25 | 2024-25 Budget proposal |
From HKD 0 to 5 million | 15% |
Above HKD 5 million | 16% |
Several personal allowances are also available, including a basic allowance of HKD 132,000, an allowance of HKD 264,000 for married couples, HKD 260,000 for the first year of each child, plus HKD 130,000 for every following year, etc. For further information, consult the dedicated page on the website of the Hong Kong government, as well as the IRD website.
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Actualitzacions: July 2024