Personal Assessment

Centre O ACCOUNTING & AUDITING

If you are a sole proprietor, a partner in a business or a property owner, you can elect for personal assessment if you are eligible. This may help to reduce the tax you need to pay by aggregating your assessable income under salaries tax, profits tax and property tax, and making adjustments for the deductions. The balance, if any, will be taxed at the same rates as those used for salaries tax.

You may elect personal assessment if:
1. You are 18 years of age or older, or under that age if both parents are deceased; and
2. You are a permanent or temporary resident of Hong Kong, or your spouse is if you are married.

Net chargeable income : On the first $40,000
Progressive rate: 2%Net chargeable income : On the next $40,000
Progressive rate: 7%

Net chargeable income : On the next $40,000
Progressive rate: 12%

Net chargeable income : On the remainder Progressive rate:17%

You can calculating your tax under personal assessment in here:http://www.gov.hk/…/residents/taxes/etax/services/tax_compu…

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