• Mon
  • Dec 22, 2014
  • Updated: 1:19am

Income Tax

Governments take wrong approach in raising income taxes

French president Francois Hollande delivers a speech. Photo: AFP

French President Francois Hollande's threatened income tax of 75 per cent for the wealthiest citizens has driven actor Gerard Depardieu to Russia, where the flat rate is just 13 per cent.

Thursday, 10 January, 2013, 3:50am 1 comment

France's top court annuls 75pc income tax

Francois Hollande has been accused of skinning the rich.

France's highest court yesterday struck down a 75 per cent upper income tax rate, dealing a major blow to Socialist President Francois Hollande, who had made it his centrepiece taxation measure.

The government vowed to push ahead with the tax rate, which would apply to incomes over €1 million (HK$9.8 million) a year, and propose a new measure that would conform with the constitution.

30 Dec 2012 - 4:08am

Nansha development zone in Guangzhou eyes Hong Kong tax rate

Nansha marina is part of the key development zone in Guangzhou that is forging greater links with Hong Kong. Photo: Edward Wong

First it adopted Hong Kong law in arbitration cases, now the Nansha development zone in Guangzhou wants to set its income tax at the same lower level.

Raymond Sun Lei, deputy chief of Nansha's district government, was speaking to a delegation of Hong Kong reporters on Wednesday when he revealed that the district had applied for such an initiative.

22 Dec 2012 - 3:37am

Google's US$2bn tax bill dodge sparks outrage

Google has legally put bags of cash in a shell company. Photo: AFP

Google avoided about US$2 billion in worldwide income taxes last year by shifting US$9.8 billion in revenues into a Bermuda shell company, filings show.

By legally funneling profits from overseas subsidiaries into Bermuda, which doesn't have a corporate income tax, Google cut its overall tax rate almost in half.

11 Dec 2012 - 2:55am

Tax take hits record HK$238b, up 14pc

Hong Kong's tax revenue rose to a record HK$238.3 billion in the 2011-2012 financial year, spurred by profits and wage tax gains.

That was an increase of 14 per cent from the previous record in the preceding year.

The taxman collected HK$118.6 billion in profits tax, up 27 per cent from the year earlier, while wage tax rose 17 per cent to HK$51.8 billion.

3 May 2012 - 12:00am

Developers stand by for earnings cap

Property investments now rank as one of the mainland's biggest wealth creators, thanks to the massive tide of people that has flowed from rural areas to big cities such as Shanghai.

But a change may be due as the central government eyes a cap on the earnings of property developers in a bid to curb soaring property prices.

16 May 2011 - 12:00am

Taiwan unveils measures to lift stock market

Taiwan has unveiled a series of measures to try to prop up the island's ailing stock market.

The bourse has shed 30 per cent of its value since Ma Ying-jeou's government took office on May 20, shaking the public's faith in the new administration.

9 Sep 2008 - 12:00am

Beijing targets developers in amended tax measures

Beijing will continue to fine-tune property market regulations this year, with the State Administration of Taxation's amendment note on developers' provisional income tax payments providing the latest evidence of the current focus of policymakers, analyst say.

23 Apr 2008 - 12:00am

Bocom net surges on tax break

Mainland lender beats market forecasts with a 476pc jump in profit to 9.24b yuan

Bank of Communications (Bocom), China's fifth-largest commercial lender, has ridden a tax break to beat market forecasts and post an almost sixfold rise in net profit to 9.24 billion yuan.

29 Mar 2006 - 12:00am

Tax relief prompts Chaoda expansion

Vegetable grower Chaoda Modern Agriculture (Holdings) may spend 120 million yuan to build two additional processing plants on the mainland after the Communist Party called for measures to support the agricultural industry.

25 Feb 2004 - 12:00am

Only across-the-board tax would be fair

Can you please refrain from publishing any more letters that try to justify the proposal, by local politicians, to place a $500 (13 per cent) income tax on foreign maids?

The arguments promoted so far include:

A 'fine' on foreign maids for littering Statue Square;

A charge on those who send money to countries with depreciated currencies;

26 Nov 2002 - 12:00am

Property owners could face large tax bill

There has been a great deal of discussion about buying property in Shenzhen.

Some people have expressed concern about the possible threat from Shenzhen real estate to the Hong Kong economy, especially to property prices.

15 Nov 2001 - 12:00am

Increase in concession limit to cost millions in lost revenue, but critics brand rise 'pocket money'

Tax concessions for working adults enrolled in self-education courses will be raised from $30,000 to $40,000, but critics said it was no more than a little 'pocket money'.

An adult learner will save up to $1,500 - at the standard rate of 15 per cent for salary tax - from the $10,000 increase.

8 Mar 2001 - 12:00am

Dotcoms face standard company treatment by authorities

The State Taxation Administration will apply the same tax principles to dotcom companies as it does to other firms in China.

Ernst & Young China partner Alfred Shum told the company's annual China seminar the tax treatment would be announced by the end of the year.

29 Nov 2000 - 12:00am

Foreign banks hit by 33pc tax for yuan transactions

Foreign banks will be charged 33 per cent income tax for conducting yuan transactions in China, according to a joint notice by the Ministry of Finance, the State Administration of Taxation and the People's Bank of China.

1 Jul 1997 - 12:00am

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