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You are Here:Home - Technical - Salaries tax

Allowances, Deductions and Tax Rate Table

(Documentary evidence need NOT be submitted with the return but should be retained for future examination)

1,Allowances

Years of Assessment

2007/2008
 $

2008/2009
to 2010/11
 $

2011/2012

$

2012/2013
Onwards
$

 
 
 

Basic Allowance

100,000

108,000

108,000

120,000

 

Married person's Allowance

200,000

216,000

216,000

240,000

 

Child Allowance (For each of the 1st to 9th child)

50,000

50,000

60,000

63,000

 

For each child born during the year,
the Child Allowance will be increased by

50,000

50,000

60,000

63,000

 
 

Dependent Brother/Sister Allowance For each dependent)

30,000

30,000

30,000

33,000

 

Dependent Parent/Grand parent Allowance

 

(For each dependent)   Dependent aged 60 or over/disabled

30,000

30,000

36,000

38,000

 

(For each dependent)   Dependent aged 55 to 59

15,000

15,000

18,000

19,000

 

Additional Dependent Parent/Grand parent Allowance

 

(For each dependent)   Dependent aged 60 or over/disabled

30,000

30,000

36,000

38,000

 

(For each dependent)   Dependent aged 55 to 59

 

15,000

15,000

18,000

19,000

 

Single Parent Allowance

100,000

108,000

108,000

120,000

 

Disabled Dependent Allowance (For each dependent)

 

60,000

60,000

60,000

66,000

 

2,Deductions-Yearly Maximum Limits

       

Years of Assessment

2007/2008
 $

2011/2012
 $

2012/2013
onwards#
$

 
 
 

Expenses of Self-Educaton

60,000

60,000

60,000

 

Elderly Residential Care Expenses

60,000

72,000

76,000

 

Home Load Interest (From the year of 2012/13 onwards, the

100,000

100,000

100,000

 

number of years of deduction is extended from 10 to 15

 

years of assessment, whether consecutively or not)

 

Mandatory Contributions to Recognized Retirement Schemes

12,000

12,000

14,500

 

(The maximum limits of deduction from the year of assessment

 

2013/14 onwards is $15,000.)

 

Approved Charitable Donations

25%

35%

35%

 

3,Calculation of tax payment

 

The payable is calculated at progressive rates on your net chargeable income or atstandard rate on

your net income (before the deduction of the allowances),whichever is the lower. It is further

reduced by the tax reduction, subject to the maximum.

Net Chargeable Income=Incomeminus DeductionsminusAllowances

 

 

2007/2008

 

2008/2009 onwards #

 

Years of
Assessment

Net Chargeable
Income
$

Rate

Tax
$

Net Chargeable
Income
$

Rate

Tax
$

 
 
 

On the First

35,000

2%

700

40,000

2%

800

 

On the Next

35,000

7%

2,450

40,000

7%

2,800

 

70,000

 

3,150

80,000

 

3,600

 

On the Next

35,000

12%

4,200

40,000

12%

4,800

 

105,000

 

7,350

120,000

 

8,400

 

Reminder

 

17%

 

 

17%

 

 

Standard Rate
of Tax

 

 

 

 

15%

 

 

 

16%

 

 

 

 

(For salaries tax/profit tax/property tax/tax under personal assessment)

Tax Reduction:

Years of Assessment

% Of Tax Reduction

Maximum Per Case

Applicable Tax Types

2007/2008

75%

 

$25,000

 

salaries tax, profits tax, property tax      
or tax under personal assessment

2008/2009

 

100%

 

$8,000

 

salaries tax or tax under 
personal assessment

2009/2010

and 2010/2011

75%

 

$6,000

 

salaries tax or tax under
personal assessment

2011/2012

75%

 

$12,000

 

salaries tax, profits tax or
tax under personal assessment

 


 

 
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