SUMMARY
OF BUDGET PROPOSAL
2000-2001
Salaries
Tax
|
|
2000/01
& 2001/02
HK$
|
|
Basic
Allowances :
|
|
|
Basic
|
108,000
|
|
Married
|
216,000
|
|
Additional
Allowance
|
|
|
Child
: 1st to 2nd, each
|
30,000
|
|
3rd to 9th, each
|
15,000
|
|
Dependent
Parent / Grandparent
|
|
|
Basic
|
30,000
|
|
Additional
(living together)
|
30,000
|
|
Dependent
Brother / Sister
|
30,000
|
|
Single
Parent
|
108,000
|
|
Disabled
Dependent
|
60,000
|
|
Training
Expenses
|
(2001
: 30,000) 40,000
|
|
Home Mortgage Interest
|
100,000
|
|
Elderly Residential Care Exp.
|
60,000
|
|
*Contributions to Retirement Schemes
|
12,000
|
Marginal
tax bands and rates
|
Marginal
tax bands
|
Marginal
tax rates
(2000/01
& 2001/02)
|
|
0
-
35,000
|
2%
|
|
35,001
- 70,000
|
7%
|
|
70,001
- 105,000
|
12%
|
|
over
105,000
|
17%
|
Back to Top
Profits
Tax
|
|
2000/01
& 2001/02
|
|
Tax Rates
: Corporation
Persons other than Corporation
|
16%
15%
|
|
Depreciation allowance for new
expenditures on plant and machinery and computer
hardware and software
|
100%
written off
|
|
Commercial building allowance
|
4%
|
|
Refurbishment concession
|
Extended
to all other business sectors
|
|
Advance ruling for source of
profits
|
Available
with a charges
|
|
|
Negotiate
comprehensive double taxation agreement with target
countries
|
|
|
Continue
and further arrangement for shipping with other places
|
Back to Top
LODGEMENT
PROGRAMME TO IRD
Deadline
for the Lodgement Programme of Inland Revenue Department
|
Profits
Tax Return
|
Time
|
|
Bulk
Issue of Tax Return
|
1
April
|
|
Apply
Extension
|
30
April
|
|
Filing
of Profits Tax Return
|
Deadline
|
|
Year
ended other than March and December
|
30
April
|
|
Year
ended December
|
30
July
|
|
Year
ended March
|
15
Nov
|
|
Year
ended March with Current Year Loss
|
31
Jan of Next Year
|
Salaries
Tax / Composite Tax Return (BIR 60)
|
Bulk
Issue of Tax Return
|
1
May
|
|
Filing
of Salaries Tax Return
|
Deadline
|
|
Salaries
Tax Return
|
31
May
|
|
Salaries
Tax Return with Sole Proprietorship Business
|
31
July
|
* Failure to file the return within the prescribed time may
result to a fine of up to $10,000 and treble the amount of tax
which has been undercharged in consequence of such failure
filing
Back to Top
Stamp
and Capital Duty
|
|
2000/01
%
|
2001/2002
%
|
|
Ad
Valorem Capital Duty *
|
0.1
|
0.1
|
|
Stamp
Duty of Hong Kong Stock
|
0.225
|
0.2
|
|
Stamp
Duty on Property **
|
|
0-1m
|
nominal
fee
$100
|
Nominal
fee
$100
|
|
1-2m
|
0.75%
|
0.75%
|
|
2-3m
|
1.5%
|
1.5%
|
|
3-4m
|
2.25%
|
2.25%
|
|
over
4m (98/99) / 4-6m (99/2000)
|
3%
|
3%
|
|
over
6m
|
3.75%
|
3.75%
|
*
capped at HK$30,000 per case
**
stamp duty payment for residential property transactions shall
be deferred until the execution of the assignment of the
property.
Back to Top
Annual
Return
All
companies are obliged to prepare and file annual returns to
Companies Registry annually
|
|
(HK$)
|
|
Within
42 days after the anniversary of incorporation
|
105
|
|
More
than 42 days but within 3 months
|
870
|
|
More
than 3 months but within 6 months
|
1,740
|
|
More
than 6 months but within 9 months
|
2,610
|
|
More
than 9 months
|
3,480
|
With
effect from 1 April 1998, the directors of companies which
fail to file their annual return within the statutory time
limit are liable to face prosecution.
Back to Top
|
