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| 2009/2010 Hong Kong Budget Tax Rates Card |
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| Hong Kong Tax Rates (Note 1):
Profits Tax
| Rates of tax |
2009/2010 |
2008/2009 |
| Companies |
16.5% |
16.5% |
| Unincorporated businesses |
15% |
15% |
Salaries Tax
| Rates of tax |
2009/2010 |
|
2008/2009 |
| First HK$40,000 |
2% |
First HK$40,000 |
2% |
| Next HK$40,000 |
7% |
Next HK$40,000 |
7% |
| Next HK$40,000 |
12% |
Next HK$40,000 |
12% |
| On the remainder |
17% |
On the remainder |
17% |
| Standard rate |
15% |
Standard rate |
15% |
| Personal allowances |
2009/2010 |
2008/2009 |
| Basic allowance |
HK$108,000 |
HK$108,000 |
| Married person's allowance |
HK$216,000 |
HK$216,000 |
| Child allowance |
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| 1st to 9th child (each) |
 Year of birth |
| Other years | |
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Dependent parent /
grandparent allowance |
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| Aged 60 or above |
| not residing with taxpayer |
| residing with taxpayer |
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| Aged 55 to 59 |
| not residing with taxpayer |
| residing with taxpayer | |
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| HK$30,000 |
| HK$60,000 |
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| HK$15,000 |
| HK$30,000 | |
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| HK$30,000 |
| HK$60,000 |
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| HK$15,000 |
| HK$30,000 | |
| Dependent brother / sister allowance (for whom no child allowance claimed) |
HK$30,000 |
HK$30,000 |
| Single parent allowance |
HK$108,000 |
HK$108,000 |
| Disabled dependant allowance (in addition to any allowances already granted for the disabled person) |
HK$60,000 |
HK$60,000 |
| Deductions (maximum deduction for amount paid for): |
2009/2010 |
2008/2009 |
| Self-education expenses |
HK$60,000 |
HK$60,000 |
| Home loan interest |
HK$100,000 |
HK$100,000 |
| Elderly residential care expenses |
HK$60,000 |
HK$60,000 |
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Contributions to recognised retirement schemes |
HK$12,000 |
HK$12,000 |
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Charitable donations |
35% of assessable income |
35% of assessable income |
Property Tax
Basis of taxation
Property tax is charged on the owner of any land or buildings in Hong Kong at the standard rate (15%) on the net assessable value of such land or buildings.
Stamp Duty
Immovable property: conveyance on sale
| Rates of duty on property consideration |
2009/2010 |
2008/2009 |
| Up to HK$2,000,000 |
HK$100 |
HK$100 |
| HK$2,000,001 - $3,000,000 |
1.50% |
1.50% |
| HK$3,000,001 - $4,000,000 |
2.25% |
2.25% |
| HK$4,000,001 - $6,000,000 |
3.00% |
3.00% |
| HK$6,000,001 and above |
3.75% |
3.75% |
Marginal relief is available upon entry into each higher rate band.
Agreement for sale of residential property
Chargeable agreements should be submitted for stamping within 30 days after execution. However, payment of the stamp duty may be deferred until the assignment is executed in conformity with the agreement or the date of re-sale of the property. The maximum period of deferral is 3 years after the execution of the agreement.
Lease of immovable property in Hong Kong
For leases, stamp duty is calculated at a specified rate of the annual rental that varies with the term of the lease as indicated in the following table:
| Lease period |
2009/2010 |
2008/2009 |
| Where the lease term is not defined or is uncertain |
0.25% |
0.25% |
| Not more than one year |
0.25% |
0.25% |
| More than one year but does not exceed three years |
0.50% |
0.50% |
| More than three years |
1.00% |
1.00% |
Hong Kong stock
The rate of stamp duty on stock transactions is 0.2% (HK$2 per HK$1,000) per transaction. This is payable half by the vendor and half by the purchaser.
Hong Kong bearer instrument
Duty of 3% of the market value is charged for any Hong Kong bearer instrument issued in respect of any stock.
Note 1:
The information on this page is based on current taxation laws and practices including tax proposals and measures contained in the 2009/2010 Hong Kong Budget announced on 25 February 2009.
The above information is of a general nature only. It is not meant to be comprehensive and does not constitute legal or tax advice. PricewaterhouseCoopers has no obligation to update the information as law and practice change. The application and impact of laws can vary widely based on the specific facts involved. No reader should act or refrain from acting on the basis of any above information without obtaining advice specific to your circumstances from your PricewaterhouseCoopers client service team or your other advisers.
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