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Review the latest income tax rates thresholds and personal allowances in hong kong which are used to calculate salary after tax when factoring in social security contributions pension contributions and other salary taxes in hong kong.
Income tax brackets hong kong. Conditional waiver of surcharges for instalment settlement of demand notes for the year of assessment 2018 19 individuals. The personal income tax rate in hong kong stands at 17 percent. In general a person s income from employment less allowable deductions and personal allowances is chargeable to hong kong salaries tax at progressive rates ranging from 2 to 17 as follows. There are five marginal tax brackets of 2 6 10 and 14 and 17.
Personal income tax rate in hong kong averaged 15 38 percent from 2004 until 2019 reaching an all time high of 17 percent in 2019 and a record low of 15 percent in 2008. Choose a specific income tax year to see the hong kong income tax rates and personal allowances used in the associated income tax calculator for the same tax year. Income after deductions only whichever is lower. Or 15 of net income i e.
Individuals are taxed at progressive rates on their net chargeable income i e. This article will also tell you the standard rate and annual income levels at which salaries tax payers approach the standard rate zone. Hong kong s favorable salary tax regime helps to make it an attractive destination for relocation. Inland revenue department hong kong.
Hong kong residents income tax tables in 2019. 2 7 12 and 17. Before going to the tax rates of salaries tax and personal assessment you may want to know how to calculate the amount of tax you should pay. Tax exemptions in respect of relief measures under the anti epidemic fund relief measure.
The key features of hong kong s salary tax are as follows. Assessable income after deductions and allowances starting at 2 and is capped at 17. Unlike flat corporate tax rate hong kong s salary tax rates follow a progressive tax rate system. Hong kong s personal income tax or salary tax falls into four brackets.
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