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2015/16 Hong Kong Tax Facts and Figures

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2015/16 Hong Kong Tax Facts and Figures Cover_output_v2.pdf 1 03/02/2015 16:26:14 www.pwchk.com 2015/16 Hong Kong Tax C Facts and Figures M Y CM MY CY CMY K 香港稅務概覽 6 1 / 2015 m o c . k h c w p . w ww 2015/16 Hong Kong Tax Facts and Figures The information in this booklet is based on taxation laws and practices as of 25 February 2015 and incorporates legislative proposals and measures contained in the 2015/16 Hong Kong Budget announced on the same date. Legislative proposals do not become law until their enactment and may be modified by the Legislative Council before being enacted. Contents Page Income tax 1-2 – A schedular system – Basis of taxation – Year of assessment – Tax agreements and arrangement – Personal assessment Salaries tax 3-9 – Rates of tax – Personal allowances – Deductions – Tax thresholds – Married persons – Basis of taxation – Perquisites and exemptions – Retirement benefits – Payments for termination of employment – Collection – Statutory obligations of employers under the Inland Revenue Ordinance Profits tax 10-18 – Rates of tax – Basis of taxation – Profits deemed to be taxable in Hong Kong – Interest income exemption – Allowable deductions – Losses – Special classes of taxpayer/income – Tax relief for capital expenditure – Sale and leaseback and leveraged leasing – Collection Property tax 19 – Rate of tax – Basis of taxation – Exemptions and reliefs – Net assessable value – Collection Due dates 20-21 – Filing of tax return – Lodging of objection to assessment Stamp duty 22-25 – Rates of duty – Basis of taxation – Exemptions Duties, fees and charges 26-27 PwC Leaders 28 Contacts 29-30 Income tax A schedular system Hong Kong has a schedular system of income tax. The Inland Revenue Ordinance charges income from an office, an employment or a pension to salaries tax, profits from a trade or business to profits tax and income from real estate to property tax. Any income that is not within any one of these schedules or categories is not subject to tax. Hong Kong does not impose any payroll, turnover, sales, value-added, gift or capital gains taxes. In addition, no estate duty has been imposed in Hong Kong from 11 February 2006. Basis of taxation Hong Kong imposes income tax on a territorial basis. This means that generally income is taxed in Hong Kong only if it arises in or is derived from Hong Kong. However, a limited number of other business receipts are deemed to be taxable. For an employee who does not have a Hong Kong employment, only income derived from services rendered in Hong Kong is subject to salaries tax. Year of assessment The tax year or year of assessment runs from 1 April of a year to 31 March of the following year. The basis of assessment is the income accrued in the tax year for salaries tax and property tax. For profits tax, the basis of assessment is the accounting profits of the financial year ending within the year of assessment with appropriate adjustments for tax purposes. Tax agreements and arrangement As of 25 February 2015, Hong Kong has signed comprehensive double tax agreements/arrangement on income with the following jurisdictions: • Austria (2012/13) • Japan (2012/13) • Portugal (2013/14) • Belgium (2004/05) • Jersey (2014/15) • Qatar (2014/15) • Brunei (2011/12) • Korea (not yet effective) • South Africa • Canada (2014/15) • Kuwait (2014/15) (not yet effective) • Czech Republic • Liechtenstein (2012/13) • Spain (2013/14) (2013/14) • Luxembourg (2008/09) • Switzerland (2013/14) • France (2012/13) • Mainland China (2007/08) • Thailand (2006/07) • Guernsey (2014/15) • Malaysia (2013/14) • United Arab Emirates • Hungary (2012/13) • Malta (2013/14) (not yet effective) • Indonesia (2013/14) • Mexico (2014/15) • United Kingdom • Ireland (2012/13) • Netherlands (2012/13) (2011/12) • Italy (not yet effective) • New Zealand (2012/13) • Vietnam (2010/11) Note: The years of assessment from which the agreements/arrangement are effective or will be effective in Hong Kong are indicated in brackets. The comprehensive double tax agreements signed by Hong Kong with Italy, Korea, South Africa and United Arab Emirates are pending ratification. 2015/16 Hong Kong Tax Facts and Figures 1 Income tax Personal assessment An individual who is a Hong Kong resident may elect for personal assessment, whereby income chargeable to salaries tax, profits tax and property tax is aggregated in a single assessment. Personal assessment enables an individual to offset a business loss against income subject to salaries tax or property tax and to claim deduction of loan interest on rental properties, which is not available under property tax. A married person must elect for personal assessment jointly with his/her spouse if both of them earn taxable income. Losses brought forward from previous years under personal assessment may also be used to offset income in the current year or subsequent years. Appropriate personal allowances are granted under personal assessment and the tax is calculated on the balance in the same manner as for salaries tax. The maximum tax payable is, however, limited to tax at the standard rate on the person’s total income less allowable deductions and charitable donations, but without a deduction for personal allowances. 2 PwC Salaries tax Rates of tax A person’s income from employment, less allowable deductions, charitable donations and personal allowances (see below), is chargeable to salaries tax at the following progressive rates: 2015/16 2014/15 First $40,000 at 2% 2% Next $40,000 at 7% 7% Next $40,000 at 12% 12% On the remainder at 17% 17% The maximum tax payable is, however, limited to tax at the standard rate of 15% on the person’s income from employment less allowable deductions and charitable donations, but without a deduction for personal allowances. Personal allowances 2015/16 2014/15 Basic allowance $120,000 $120,000 Married person’s allowance $240,000 $240,000 Child allowances – 1st to 9th child (each) • year of birth $200,000 $140,000 • other years $100,000 $70,000 Dependent parent/grandparent allowance – Aged 60 or above • not residing with taxpayer $40,000 $40,000 • residing with taxpayer throughout the year $80,000 $80,000 – Aged 55 to 59 • not residing with taxpayer $20,000 $20,000 • residing with taxpayer throughout the year $40,000 $40,000 Dependent brother/sister allowance $33,000 $33,000 (for whom no child allowance is claimed) Single parent allowance $120,000 $120,000 Disabled dependant allowance $66,000 $66,000 (in addition to any allowances already granted for the disabled person) 2015/16 Hong Kong Tax Facts and Figures 3 Salaries tax Deductions In order to qualify as an allowable deduction, an expense must be wholly, exclusively and necessarily incurred in the production of the assessable income. However, the following concessionary deductions are available: Maximum deduction for amount paid for: 2015/16 2014/15 Self-education expenses $80,000 $80,000 Home loan interest $100,000 $100,000 Elderly residential care expenses $80,000 $80,000 Contributions to recognised $18,000 $17,500 retirement schemes Tax thresholds Income level 2015/16 2014/15 No tax payable Single person/no children up to $120,000 $120,000 Married person/no children $240,000 $240,000 Married person/two children $440,000 $380,000 Married person/two children $520,000 $460,000 and two dependent parents Tax at standard rate Single person/no children over $1,620,000 $1,620,000 Married person/no children $2,640,000 $2,640,000 Married person/two children $4,340,000 $3,830,000 Married person/two children $5,020,000 $4,510,000 and two dependent parents 4 PwC Salaries tax Married persons Although married persons who both earn taxable income are normally taxed separately, they may elect to be taxed jointly where this is of benefit to them. The married person’s allowance is only available where either the husband or wife has no taxable income, where the married couple has elected for joint assessment to salaries tax or where an election has been made for personal assessment. A married couple must state which spouse will claim child allowances. Basis of taxation A person’s residence, domicile or citizenship is irrelevant to his/her liability to salaries tax except in the situation where the person is a tax resident from a jurisdiction with which Hong Kong has signed a comprehensive double tax agreement/arrangement. A person is subject to salaries tax on his/her Hong Kong sourced employment income, any income from an office held in Hong Kong and any Hong Kong pension. A person has a Hong Kong sourced employment income if the employment is a Hong Kong employment or in case the employment is a non-Hong Kong employment, the employment services are rendered in Hong Kong. The Inland Revenue Department (IRD) will generally accept that an employment is a non-Hong Kong employment if all of the following three factors are present: (1) the contract of employment was negotiated and entered into, and is enforceable outside Hong Kong; (2) the employer is a resident outside Hong Kong; and (3) the employee’s remuneration is paid outside Hong Kong. In the absence of any one of these factors, the employment will likely be considered as a Hong Kong employment. For a Hong Kong employment, employment income is not taxable if all of the employment services for a year of assessment are rendered outside Hong Kong. In determining whether or not all the services are rendered outside Hong Kong, no account is taken of services rendered in Hong Kong during visits not exceeding 60 days in the basis period for the year of assessment. Partial exemption is available for income of services rendered outside Hong Kong and tax similar to salaries tax has been charged and paid on that income in the territory in which the services are rendered.
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