Hong Kong Personal Tax Allowance for 2020/2021

ACCOUNTING & AUDITING

Personal Tax

Personal tax is often referring as salary tax in Hong Kong. A person’s income from employment, less allowable deductions and charitable donations is therefore chargeable as personal tax.  This tax is calculated at progressive rates on your net chargeable income or at standard rate on your net income( before any deductions of the allowances), whichever is the lower. The personal tax reduction is further reduced subject to a maximum.

Allowance

There are 6 major types of allowance for individual. Herein-below is the table with each category:

Allowances for individuals 2020-2021
HKD
Personal allowances Basic 132,000
Married 264,000
Single parent 132,000
Disabled 75,000
Child allowances 1st to 9th child (each)
With Year of birth in 2020 240,000
Born Other years 120,000
Dependent parent and grandparent allowances Aged 60 or above 50,000
Aged between 55 and 59 25,000
Additional dependent parent and grandparent allowances Aged 60 or above 50,000
Aged between 55 and 59 25,000
Disabled dependent (spouse/child/parent/ grandparent/brother/sister) allowances 75,000
Dependent brother/sister allowances 37,500

 

 

For further information, please contact us.

You may want to know: TAX DEDUCTION FOR CHARITABLE DONATIONS IN HONG KONG

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