Amounts of allowances and tax rates for Salaries Tax and Personal Assessment for Year of Assessment 2004/2005 -- Hong Kong Business -- kaizen
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Hong Kong Business
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Amounts of allowances and tax rates for Salaries Tax and Personal Assessment for Year of Assessment 2004/2005

Allowances


2004/2005


HK$


Basic Allowance


100,000


Married Person's Allowance


200,000


Child Allowance - each (max. 9 children)

30,000


Dependent Brother / Sister Allowance - each


30,000


Dependent Parent Allowance - each


30,000


Additional Dependent Parent Allowance - each


30,000


Single Parent Allowance


100,000


Disabled Dependant Allowance - each


60,000


Concessionary deductions: allow actual amount subject to the following limits.


 

HK$


Self-education expenses


40,000


Elderly residential care expenses


60,000


Home loan interest


100,000


Contributions to mandatory provident fund


12,000


Net Chargeable Income = Total Income - Deductions - Allowances


Tax rates on various bands of net chargeable Income:


Income bands:


HK$


 

Net Chargeable Income


Rate


Tax


On the First


30,000


2%


600


On the Next


30,000
60,000


8%


2,400
3,000


On the Next


30,000
90,000


14%


4,200
7,200


Remainder


 

20%


 

Tax payable is restricted to: (Total income íV Deductions) * Standard rate @16%



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