|
|
Allowances |
2004/2005
HK$ |
|
Basic Allowance |
100,000 |
|
Married Person's Allowance |
200,000 |
| Child Allowance - each (max. 9 children) |
30,000 |
|
Dependent Brother / Sister Allowance - each |
30,000 |
|
Dependent Parent Allowance - each |
30,000 |
|
Additional Dependent Parent Allowance - each |
30,000 |
|
Single Parent Allowance |
100,000 |
|
Disabled Dependant Allowance - each |
60,000 |
Concessionary deductions: allow actual amount subject to the following limits.
| |
HK$ |
|
Self-education expenses |
40,000 |
|
Elderly residential care expenses |
60,000 |
|
Home loan interest |
100,000 |
|
Contributions to mandatory provident fund |
12,000 |
Net Chargeable Income = Total Income - Deductions - Allowances
Tax rates on various bands of net chargeable Income:
|
Income bands: |
HK$ |
| |
Net Chargeable Income |
Rate |
Tax |
|
On the First |
30,000 |
2% |
600 |
|
On the Next |
30,000
60,000 |
8% |
2,400
3,000 |
|
On the Next |
30,000
90,000 |
14% |
4,200
7,200 |
|
Remainder |
|
20% |
|
Tax payable is restricted to: (Total income – Deductions) * Standard rate @16%
|
