A, Hong Kong, China related taxes:
1, profits tax:
Equivalent to the domestic corporate income tax, the tax rate of 16.5%. When the company operates down a year's income minus costs, the profit part of the tax to be paid, called profits tax.
2, property tax:
Equivalent to the domestic property tax, the tax rate of 16%-17%. In Hong Kong, if you have a property for rent, you need to pay property tax to the government for the rental income.
3. Personal Salaries Tax:
This is equivalent to the personal income tax in China, and the tax rate is about 16%. Salaries tax is calculated on the basis of salary income at a progressive rate.
2. Taxation in Hong Kong can be briefly categorized into direct and indirect taxes. Hong Kong has been practicing a simple tax system with fewer types of taxes and mainly direct taxes. Direct taxes include salaries tax, profits tax, property tax and personal assessment.
Indirect taxes include rates, government rent and land tax, stamp duty, betting and lottery duty, commodity tax, hotel accommodation tax, business registration fee, air passenger departure tax, vehicle first registration tax, patent tax and privilege tax.
Personal salaries tax is payable by any person in Hong Kong who derives income from employment, engagement or retirement. Salaries tax rates are calculated on a progressive basis after deduction of various deductions and allowances, provided that the total amount of tax paid does not exceed 17% of assessable income.
Expanded Information:
Additional Taxes
Land Departure Tax
In 1999, a certain political party in Hong Kong had once proposed that, because the number of Hong Kong people who traveled north to spend their money In 1999, a political party in Hong Kong suggested the introduction of a land departure tax as a strategy to open up Hong Kong's coffers because of the large number of Hong Kong people going north to spend money, but in the end, it was not done.
Goods and Services Tax (GST)
Main entry: Goods and Services Tax (GST)
In 2006, the Hong Kong government introduced a tax reform document, and one of the major changes was the introduction of a Goods and Services Tax (GST). According to the consultation paper, the tax rate will be 5%, resulting in an increase of HK$30 billion in revenue for the Treasury, but the government will also introduce various tax relief measures. The Hong Kong government said the tax would broaden the tax base and prevent a small number of people from paying most of the tax.
But there was widespread public opposition to the tax, which was said to be robbing the poor to help the rich and adding to the burden of the downtrodden, and even more detrimental to the low-income earners, who have never been required to pay salaries tax because their incomes are offset by the tax allowances. Due to strong public opposition, the Government shelved consideration of this tax.
In early December 2006, the Government formally shelved the tax due to overwhelming opposition from various sectors and political parties. Ratings agencies said they were "disappointed" but took no action.
Baidu Encyclopedia - Taxation in Hong Kong