• Sat
  • Aug 2, 2014
  • Updated: 3:02pm
NewsHong Kong
GOVERNMENT

Record year for tax intake - but stamp duty down

Government took in HK$243.5 billion this year, up slightly on last year, as property market cools

PUBLISHED : Saturday, 03 May, 2014, 4:14am
UPDATED : Saturday, 03 May, 2014, 4:14am

The government collected HK$243.5 billion in tax in the 2013-14 fiscal year, breaking the previous year's record, but the revenue chief predicts intake will drop slightly in the current year.

The new record is 1 per cent up on the 2012-13 fiscal year's HK$242.2 billion, mainly due to a 10 per cent increase in salaries tax revenue, a 14 per cent rise in property tax and a 9 per cent increase in betting duty revenue.

But the revenue from stamp duties fell 3 per cent to HK$41.5 billion from HK$42.8 billion the previous year, continuing a downward trend.

To cool the property market, the government in 2010 imposed an additional special stamp duty of 15 per cent on homes sold within six months of purchase; 10 per cent extra on those resold within a year and 5 per cent on those resold within two years.

In 2012, a 15 per cent tax on home purchases by corporations or by individuals who are not permanent residents was introduced.

Last year, the government proposed doubling the stamp duty for everyone except permanent residents who are first-time buyers.

After the three measures, the property market "gradually turned quiet and trading has been decreasing", said Wong Kuen-fai, commissioner of the Inland Revenue Department.

Wong predicted that tax revenues in the current financial year could fall by 0.3 per cent because salaries tax revenue will rise by less and tax rebates will be bigger under budget proposals by Financial Secretary John Tsang Chun-wah that still await approval in the Legislative Council.

"Hong Kong is still affected by the financial tsunami and the European debt crisis," Wong said. "The stock market is subject to the impact of the surrounding environment, so we expect it to remain quite unstable in the coming year."

How long it would take to pass legislation to double stamp duty would affect how soon the department could start collecting the tax, he said.

Wong said the filibuster in the budget debate had affected progress on the legislation and the approval of the tax rebates.

The rebates include increases in the dependent parent allowance and dependent grandparent allowance, as well as a 75 per cent rebate of salaries and profits tax, subject to financial ceilings.

 

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L.L.
Hihihi... Nothing is good by human, always complain, what is the best solution for wildplas? 1e Boete, 2e boete, 3e boete (cashpay 200hkd each time) ... Why, they have always this bill in pocket for shopping, so let's them feel this pain for one wildplas! (Definitions of wildplassen, synonyms, antonyms, derivatives of wildplassen, analogical dictionary of wildplassen). Building more wc/toilet on street, it's means more ****, on street... agree? Yes, it's will be more stink or smell on the street with 20C-40C in HK (no cleaner!)... even a lot of critters or little beast make their new home... hihihi... HK has make a new welcome home DownTown CRITTERS... hihihi... hihihi... funny, laugh me death... I was always by shopping mall, Shop, cafe-shop, eathouse, fastfood etc... first go to the restroom before go to street, here we pay € 0,25 pp... it's a good idea... they have a clean worker for this restroom to collect this money and clean wc! it's also a job, most are old woman (B-choice) who do this work, good idea! Don't waste tax money to build a wrong idea, wrong spending... before u want a idea gone be a good work, u must first select a local place to experience (placements) for couple time... IF, then no judgement or complain(vote), this plan or idea will be working in the whole system (city/land)... not so, plan a big idea without knowledge or consequences! Stupid, Jack Sim Ruihua, FIRED!!!... hihihi... go home men! ... Freedom of Speech...
L.L.
Oh yeah, I was forget: Give a good sample to u big brother China (people), how they to be like a western life without harm, greedy, low education, good mind, good attitude, kindness in everywhere and anywhere ... behavior human with manners ; the morals, custom... (((ps, begin first (shengsheng), build a good restroom with SPHINX DUOCLOSET, not a cave in the ground-zero-toilet! I hate it, we are a human not a DOG! angry toerisme!))) ... Freedom of Speech...
L.L.
WOW, it's this not amazing HK Tax!!! ... (((The government collected HK$243.5 billion in tax in the 2013-14 fiscal year, breaking the previous year's record.))) ... I LOVE U TAX... hihihi... I LOVE U TOO RICH PEOPLE, U MAKE THIS TAX, THANK U... GOOD JOB!... (y)
U can help a lot of big problem Government! Used him (tax) well, don't spend in **** situation! to build more greedy, beauty city, but a welfare city! Help a lot of home (not cave home 12m2), free-study till 18 year, subsidy food and dress (not label), support the poor-people for living (not abuse), support sick/ill people with subsidy for hospital, support old people for activiteiten and voluntary work... help drugs/sex/gamble addiction kicking off the habit for more enlightenment publicity ... create more activiteiten and voluntary work for who has needs, instead going to crime/addiction... Your job (government) is to help basic necessity of life, not secondaire needs, this work is for rich people, business people... they know how they build a good luxe life or living ... they pay tax... circle round... positive act... etc... hihihi... Freedom of Speech ...
 
 
 
 
 

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