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The wages and incomes received from employment are subjected to tax. Income tax rate in Hong Kong is 2% when net taxable income is from 1 to 50,000 Hong Kong dollars, 6% when net taxable income is between 50,001 and 100,000 Hong Kong dollars, 10% when net taxable income is between 100,001 and 150,000 Hong Kong dollars and 14% when net taxable ...
IRO Section.20A Consignment Tax. IRO Section.22 Assessment of partnerships. IRO Section.24 Clubs, trade associations, etc. IRO Section.25 Deduction of property tax from profits tax. Any person's HK property tax payable can be set off by the same HK profit tax payable. IRO Section.26A Exclusion of certain profits from tax
The IRD is responsible for the administration of the following Hong Kong ordinances on taxes and duties and the related rules and regulations: Betting Duty Ordinance Cap.108; Business Registration Ordinance Cap.310; Estate Duty Ordinance Cap.111; Hotel Accommodation Tax Ordinance Cap.348; Inland Revenue Ordinance Cap.112; Stamp Duty Ordinance ...
The following is a list of legislation passed by the Legislative Council of Hong Kong. Some have been repealed and replaced with updated laws. In total there are 1181 ordinances in effect and an assortment of subsidiary legislation associated with them. Legislative enactments of Hong Kong are called Ordinances.
The Hong Kong Basic Law, which is a law passed by the Chinese National People's Congress, came into effect in 1997, becoming the constitutional document in Hong Kong. [4] The law was passed in accordance with Article 31 of the Chinese Constitution, which authorized the establishment of Special Administrative Regions. The Basic Law sets out the ...
Partnership taxation in Hong Kong is the taxation of the profits or losses generated by partnership business entities. First, these profits or losses of the partnership are assessed according to the Hong Kong Inland Revenue Ordinance, Chapter 112, section 22.
The rating system in Hong Kong has a history of over 160 years. The first Rating Ordinance, Ordinance No. 2 of 1845, was enacted in that year and related to the Police Rate which was collected to pay the expenses for upholding and maintaining the police force in Hong Kong. Over the following thirty years, services funded by rating such as ...
The goods and services tax (GST) was a proposed value-added tax in Hong Kong. Consultation over a period of nine months was launched on 19 July 2006 and stirred considerable controversy. Consultation over a period of nine months was launched on 19 July 2006 and stirred considerable controversy.