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Why Us?
Establishing strong and
long standing relations with our clients is our primary objective.
With Us... You have a firm providing an efficient, cost-effective
and high-quality audit and within critical time constraints. Besides,
we may help you and your business with our professional advice
on accounting- and business-related solutions.
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Hong
Kong Budget
The Financial Secretary John Tsang
delivered his 2008/2009 budget speech on 27 February 2008.
We are pleased to summarise the budget 2008/09 proposals on
tax changes, together with other related measures for your
reference.
The tax rates or allowances for the Year of Assessment 2008/2009,
which are tabled below for your easy reference:-
|
Profits
Tax
|
Tax
Rate |
| Corporation |
16.5% |
| Un-incorporation Business |
15.0% |
| Salaries
Tax |
Allowance |
| Single |
$108,000 |
| Married Person |
$216,000 |
| Child - 1st to 9th (each) |
(birth yr) $100,000 |
| Child - 1st to 9th (each) |
(other yrs) $50,000 |
| Dependent Parent/Grandparent |
*$30,000 |
| Dependent Parent/Grandparent
(Additional for dependent living with taxpayer) - Aged
60 or up |
*$30,000 |
| Dependent Parent/Grandparent |
**$15,000 |
| Dependent Parent/Grandparent
(Additional for dependent living with taxpayer) - Aged
55-59 |
**$15,000 |
| Dependent Parent/Grandparent
in residential care |
(Max.) $60,000 |
Dependent Brother/Sister
(only
when no child allowance is claimed) |
$30,000 |
| Single Parent |
$108,000 |
| Disable Dependent |
$60,000 |
| Education |
(Max.) $60,000 |
| Mortgage Relief |
(Max.) $100,000
(10 yrs in total) |
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| Net Chargeable Income |
Tax Rate |
| First $40,000 |
2% |
| Next $40,000 |
7% |
| Next $40,000 |
12% |
| Remaining |
17%
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OR
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Standard Rate on Assessable
Income (without allowances) |
15%
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Stamp
Duty
(1) Payment of stamp duty on residential property transactions
will be deferred until execution of the assignment.
(2) There will be an increase in the stamp duty rates
for property transactions as follows:-
| Property Value |
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| Up to $2M |
$100 |
| Over $2M and up to $3M |
1.50% |
| Over $3M and up to $4M |
2.25% |
| Over $4M and up to $6M |
3.00% |
| Over $6M |
3.75% |
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