Budget Proposal for 2001/02

SUMMARY OF BUDGET PROPOSAL 2000-2001  

 

 

Salaries Tax

 

2000/01 & 2001/02

HK$

Basic Allowances :

 

Basic

108,000

Married

216,000

Additional Allowance

 

Child : 1st to 2nd, each

30,000

            3rd to 9th, each

15,000

Dependent Parent / Grandparent

 

Basic 

30,000

Additional (living together)

30,000

Dependent Brother / Sister

30,000

Single Parent

108,000

Disabled Dependent

60,000

Training Expenses

(2001 : 30,000) 40,000

Home Mortgage Interest

100,000

Elderly Residential Care Exp.

60,000

*Contributions to Retirement Schemes

12,000

 

Marginal tax bands and rates

Marginal tax bands

Marginal tax rates

(2000/01 & 2001/02)

0 - 35,000

2%

35,001 - 70,000

7%

70,001 - 105,000

12%

over 105,000

17%


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Profits Tax 

 

2000/01 & 2001/02

Tax Rates :     Corporation

                      Persons other than Corporation

16%

15%

Depreciation allowance for new expenditures on plant and machinery and computer hardware and software

100% written off

Commercial building allowance

4%

Refurbishment concession

Extended to all other business sectors

Advance ruling for source of profits

Available with a charges

 

 

 

Negotiate comprehensive double taxation agreement with target countries

 

Continue and further arrangement for shipping with other places

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LODGEMENT PROGRAMME TO IRD

 Deadline for the Lodgement Programme of Inland Revenue Department  

Profits Tax Return

Time

Bulk Issue of Tax Return

1 April

Apply Extension

30 April

Filing of Profits Tax Return

Deadline

Year ended other than March and December

30 April

Year ended December

30 July

Year ended March

15 Nov

Year ended March with Current Year Loss

31 Jan of Next Year

 

Salaries Tax / Composite Tax Return (BIR 60)

Bulk Issue of Tax Return

1 May

 

Filing of Salaries Tax Return

Deadline

Salaries Tax Return

31 May

Salaries Tax Return with Sole Proprietorship Business

31 July

 

  Failure to file the return within the prescribed time may result to a fine of up to $10,000 and treble the amount of tax which has been undercharged in consequence of such failure filing

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Stamp and Capital Duty

 

2000/01

%

2001/2002

%

Ad Valorem Capital Duty *

0.1

0.1

Stamp Duty of Hong Kong Stock

0.225

0.2

Stamp Duty on Property ** 

 

0-1m

nominal fee

$100

Nominal fee

$100

1-2m

0.75%

0.75%

2-3m

1.5%

1.5%

3-4m

2.25%

2.25%

over 4m (98/99) / 4-6m (99/2000)

3%

3%

over 6m

3.75%

3.75%

 *   capped at HK$30,000 per case

** stamp duty payment for residential property transactions shall be deferred until the execution of the assignment of the property.

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Annual Return

 All companies are obliged to prepare and file annual returns to Companies Registry annually  

 

(HK$)

Within 42 days after the anniversary of incorporation

105

More than 42 days but within 3 months

870

More than 3 months but within 6 months

1,740

More than 6 months but within 9 months

2,610

More than 9 months

3,480

With effect from 1 April 1998, the directors of companies which fail to file their annual return within the statutory time limit are liable to face prosecution.

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