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Summary of Hong Kong Taxes 2022-23 & 2023-24

HONG KONG PROFITS TAX
2023-24* (unchanged)
2022-23

Corporations

Tax Rate

Tax Rate

         - First HK$2m profits

8.25%

8.25%

         - The remainder

16.5%

16.5%

Unincorporated business

15%

15%

Capital gains

Nil

Nil

Dividend

Nil

Nil

*For 2022-23, the profits tax is proposed to be reduced by 100%, subject to a ceiling of HK$6,000. (2021-22: HK$10,000)

HONG KONG SALARIES TAX
  • Salaries tax is charged at the lower of net chargeable income (Total Income – Deductions – Allowances) at progressive rates or net total income (Assessable Income – Deductions) at standard rate.
  • Standard rate remains the same at 15%.
  • Progressive rates are as follows:
2023-24* (unchanged)
2022-23

First HK$50,000 chargeable income

2%

2%

Next HK$50,000

6%

6%

Next HK$50,000

10%

10%

Next HK$50,000

14%

14%

Remainder

17%

17%

*For 2022-23, the salaries tax and tax under personal assessment are proposed to be reduced by 100%, subject to a ceiling of HK$6,000. (2021-22: HK$10,000)

Allowances
2023-24
2022-23

Personal allowance

Basic

HK$132,000

HK$132,000

Married

HK$264,000

HK$264,000

Single Parent

HK$132,000

HK$132,000

Disabled

HK$75,000

HK$75,000

Child allowances (1st to 9th child) (each)

In the Year of Birth

HK$260,000

HK$240,000

Other years

HK$130,000

HK$120,000

Dependent parent/grandparent allowances (each)

Basic (Age 60 or above)

HK$50,000

HK$50,000

Additional allowance (for dependent living with taxpayer) (Age 60 or above)

HK$50,000

HK$50,000

Basic (Age 55-59)

HK$25,000

HK$25,000

Additional allowance (for dependent living with taxpayer) (Age 55-59)

HK$25,000

HK$25,000

Dependent brother/sister allowance (each)

HK$37,500

HK$37,500

Disabled dependent allowance (each)

HK$75,000

HK$75,000

Deductions
2023-24* (unchanged)
2022-23

Self-Education expenses

HK$100,000

HK$100,000

Home loan interest

HK$100,000 (20 years of entitlement period)

HK$100,000 (20 years of entitlement period)

Elderly residential care expenses

HK$100,000

HK$100,000

Mandatory contributions to recognized retirement schemes

HK$18,000

HK$18,000

Approved charitable donations

35% of assessable income

35% of assessable income

Annuity premiums and MPF voluntary contributions

HK$60,000

HK$60,000

Premiums paid under voluntary Health Insurance Scheme

HK$8,000

HK$8,000

HONG KONG PROPERTY TAX

The standard rate (for non-corporate owners) remains at 15% for 2023-24.