Taxation in Hong Kong

Profits tax low on a businessman’s list of concerns

Hong Kong's profits tax rate is one of the lowest in the world. Photo: Garrige Ho

I've been reading in newspapers that people like myself who run businesses are eagerly awaiting news of a profits tax cut in next week's budget.

Indeed I am, apparently, among those strongly urging the financial secretary to do precisely this.

Wednesday, 19 February, 2014, 1:21am 2 comments

Bumper year in 2012-13 as tax revenue hits record HK$242b

Chu Yam-yuen, Commissioner of Inland Revenue. Photo: Jonathan Wong

Hong Kong collected record-breaking tax revenue of HK$242.2 billion for the 2012/13 fiscal year, thanks to healthy growth in company earnings.

3 May 2013 - 5:37am 1 comment

Canada and Hong Kong end expats' double tax whammy

Canadian Prime Minister Stephen Harper

Hong Kong and Canada have signed a treaty to avoid double taxation and increase trade between the two economies.

Currently, income earned by Canadians in Hong Kong who are still deemed residents of Canada is taxable both here and at home.

12 Nov 2012 - 4:27am

New 15 per cent stamp duty may hit expatriate homebuyers

Buyers look at a model of The Reach project at Yuen Long. Non-local buyers will have to pay a new 15 per cent tax. Photo: Sam Tsang

It may be targeted at property speculators, but a new stamp duty would derail the home-purchase plans of expatriates who are not yet permanent residents.

That was the debate raging online a day after new cooling measures on the property market were announced.

7 May 2015 - 12:48pm 5 comments

There's never a dull moment for flat buyers

When Carmen Lee and her boyfriend bought a home in Tin Shui Wai in March 1997, she never imagined the move would turn into a nightmare.

They bought a 700-square-foot unit for about HK$3.5 million at Cheung Kong's Maywood Court - the fifth phase of Kingswood Villas.

7 May 2015 - 12:48pm

Biggest taxpayer forks out HK$79m

Hong Kong's biggest taxpayer handed over HK$79 million in salaries tax last year, while one highly profitable company accounted for 3 per cent of all profits tax generated in the city, official figures show.

5 May 2012 - 12:00am

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.

7 May 2015 - 12:48pm

Budget defies sound planning

By the evidence of the budgets over the past few years, Hong Kong's strong fiscal position owes nothing to the wisdom of our financial secretary and chief executive. Yet again, John Tsang Chun-wah has produced a budget which is contrary to the principles of sound medium-term fiscal planning and exacerbates Hong Kong's two most pressing problems - the income gap and air pollution.

5 Feb 2012 - 12:00am

Wrong time to cut business tax, Tsang says

Chief Executive Donald Tsang Yam-kuen says his government will not lower the tax rate on corporate profits, despite a double-digit rise in tax revenues last year.

His stance runs contrary not only to businessmen's expectations but also one of his own re-election promises, made in 2007.

4 Jan 2012 - 12:00am

HK property sales down by a third last year

Property sales in Hong Kong fell by 33 per cent to just 108,504 deals last year as concerns over the economy and government moves to curb speculation soured buyer sentiment, property agents said.

7 May 2015 - 12:48pm

Tough measures to cool homes market

The government and the banking regulator have stepped in again to curb the city's red-hot housing market with one of the toughest combined measures ever.

11 Jun 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

Lawmaker sceptical of fall in property speculation

A lawmaker has questioned the rosy picture painted by new government figures, which shows the number of confirmor deals on flats have more than halved thanks to the special stamp duty.

Confirmors are investors who buy a property and resell it before the transaction is completed.

4 May 2011 - 12:00am

Investors flock to commercial and industrial property markets

Hong Kong's commercial and industrial property markets are expected to remain buoyant after recording rising numbers of sales and transaction values, due mainly to the additional special stamp duty levied on quick resales of residential units.

7 May 2015 - 12:48pm

Corporate tax cut back on agenda but unlikely to happen

An influential think tank is calling for a reduction in corporate profits tax as Financial Secretary John Tsang Chun-wah prepares to give his budget address next Wednesday.

The Bauhinia Foundation Research Centre, which is considered aligned with Chief Executive Donald Tsang Yam-kuen, put the idea back on the agenda yesterday.

19 Feb 2011 - 12:00am