Profit Tax | South China Morning Post
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  • Mar 1, 2015
  • Updated: 4:38am

Profit Tax

Tax rates cut to woo talent to island

Companies investing in a newly opened free-trade island in Zhuhai will enjoy a profits tax rate that is 40 per cent lower than elsewhere on the mainland, while Hong and Macau residents working there will be granted salaries tax rebates.

Wednesday, 24 August, 2011, 12:00am

Tony Chan claims he never got tax demand

To allow self-styled fung shui master Tony Chan Chun-chuen extra time to file objection against a HK$330 million tax claim would open the tax system to abuse, a lawyer for the government said yesterday.

Especially as Chan had failed to notify the Inland Revenue about a change of address.

26 May 2011 - 12:00am

Taxman loses claim on Li & Fung foreign deals

The Commissioner of Inland Revenue has lost its battle for HK$205 million from trading house Li & Fung which it said was due in tax on transactions involving foreign customers.

19 Apr 2011 - 12:00am

Thousands of speculators avoid tax and penalties

More than 20,000 people identified as property speculators failed to report profits to the Inland Revenue Department over the past four years, but none of them have been penalised, prompting calls from legislators for tougher enforcement action.

7 Apr 2010 - 12:00am

Firm fights order to cover disputed tax payment

A property company is seeking a judicial review of an Inland Revenue Department demand that it buy a tax reserve certificate to cover a disputed tax assessment of nearly HK$12.5 million.

15 Aug 2009 - 12:00am

Deficit tops HK$24b in the first quarter

The government has recorded a deficit of HK$24.2 billion for the first three months of the financial year, which began on April 1.

The deficit was mainly due to the fact that major revenue sources, including salaries tax and profits tax, were usually received towards the end of the financial year, a government spokesman said.

1 Aug 2009 - 12:00am

Li & Fung wins partial victory on tax charge

Li & Fung, the biggest supplier of clothes and toys to Wal-Mart Stores and Target Corp, said yesterday it had won part of its appeal against the Inland Revenue Department on annulling about HK$205 million in taxes from its offshore business income.

17 Jun 2009 - 12:00am

Despite deficit warning, city turns in a HK$1.4b surplus

The government yesterday announced it expected to show a surplus of HK$1.4 billion for the year to March instead of the expected HK$4.9 billion deficit - bringing a cry of 'shame' from a lawmaker.

1 May 2009 - 12:00am

At a glance

Salaries tax standard rate lowered by 1 percentage point to 15%

One-off salaries tax rebate of 75%, subject to a ceiling of HK$25,000

Basic personal allowance and single-parent allowance up from HK$100,000 to HK$108,000

Married person's allowance up from HK$200,000 to HK$216,000

Tax bands widened from HK$35,000 to HK$40,000

28 Feb 2008 - 12:00am

Rise demanded in basic tax allowance

Nine out of 10 want a greater deduction for salaried workers, survey finds

Nine out of 10 people in Hong Kong want the finance chief to raise the basic salaries tax allowance, with some calling for a 30 per cent rise to HK$130,000 or more, according to an SCMP/TNS survey.

18 Feb 2008 - 12:00am

Call for tax relief

Taxation experts have called for exemptions for the logistics industry in the face of increasing competition from nearby cities.

This is among 2008-09 budget proposals from the Hong Kong Institute of Certified Public Accountants, which also include tax cuts for families.

21 Dec 2007 - 12:00am

In a nutshell

Push ahead with 10 large-scale infrastructure projects for economic growth worth HK$250b

In 2008-09, lower profits tax by one percentage point to 16.5 per cent and reduce standard salaries tax rate to 15%

Waive rates for the last quarter of 2007-08

11 Oct 2007 - 12:00am

In Brief

Business group urges return to profits tax rate of 16pc

6 Oct 2007 - 12:00am

Windfall in revenue spurs tax relief call

Surge in government income likely to cover HK$20b budget concessions

Huge windfalls in tax revenues from the stock and property markets are expected to help the government recoup the HK$20 billion it is spending on tax concessions this year, fuelling calls for more aggressive and longer-term relief measures.

16 Jul 2007 - 12:00am

In Brief

Two years' jail for tax evasion

4 Jul 2007 - 12:00am