| Posted: Wed May 15, 2013 10:16 am Post subject: / Hong Kong Income Tax Rate |
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The tax rate for salaries in Hong Kong is calculated on a sliding scale.
The overall rate is 17%, but not for all your income. The first parts of your yearly income are charged at a lower rate. This means that people with small incomes may simply never pay the highest amount.
So for example if earned only HK$40,000 / year, then you would pay only 2% of this as tax.
In addition, there are many allowances available for most people such as being married, having dependants and so on. These allowances are deducted from your yearly income before the tax is calculated.
So for people with low incomes, and high expenses, tax is negligible.
For more details look at the IRD website here:
http://www.gov.hk/en/residents/taxes/taxfiling/taxrates/salariesrates.htm |
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