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| *The Commerce Journal>>>Other Taxes |
What is hong kong taxes and the % of the tax? |
What is hong kong taxes and the % of the tax? Hong Kong has a low-rate optional flat tax of 16 percent on personal income. Taxpayers can choose an alternative system with graduated rates, though the top rate in this system is only 17 percent.2 There is no Pay-As-You-Earn (that is, no withholding of tax on income from employment) in Hong Kong, meaning that taxpayers pay their entire income tax liability themselves (usually twice a year). Corporate income is taxed at a flat rate of 17.5 percent.3 The tax base is narrowly defined compared to most other jurisdictions and the rules relating to expenditure are relatively generous. Consequently the burden is almost always substantially lighter than the rates of tax suggest. There are no payroll taxes in Hong Kong. Workers put 10 percent of their income into private retirement accounts (subject however to a relatively low maximum). Hong Kong generally does not double-tax dividends, interest, and capital gains. There is no death tax in Hong Kong. There is no general sales tax or value-added tax in Hong Kong, though the government has considered this option.4 Hong Kong has a territorial system, so there is no additional layer of tax on income earned in other jurisdictions (even if it is not taxed in those other jurisdictions). Even after 60 years, the entire tax code is only about 200 pages.5 Hong Kong's budget usually has a budget surplus and there is very little government debt. Indeed, the government generally has surplus reserves.6 Source(s): http://www.freedomandprosperity.org/pape... |
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