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Salary Tax Sharing

 

展群CK ® (Handled by CTA and FCPA) aims to help readers efficiently utilize various tax allowances and deductible items under tax regulations to save taxes in a fair, legal, and reasonable manner.

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The Inland Revenue Department will issue the individual tax return, commonly referred to as the "green bomb" by the working class, on May 2, 2025. The general tax return submission deadline is within one month (by June 2, 2025). If a taxpayer has a tax representative, the deadline for sole proprietors is two months (by July 2, 2025), and for self-employed persons, it is five months (by October 2, 2025).

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If readers can file their tax returns through the Inland Revenue Department's online system, they can automatically extend the deadline by one month. The tax allowance for the 2024/25 year of assessment is HK$1,500.

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Tax Allowances for 2024/25

  • Basic allowance: HK$132,000

  • Married person's allowance: HK$264,000

  • Child allowance (per child): HK$130,000

  • Dependent brother of sister allowance (per dependent): HK$37,500

  • Dependent parents or grandparents (aged 60 or above): HK$50,000 (HK$100,000 if living together for the entire year)

  • Dependent parents or grandparents (aged 55 to 59): HK$25,000 (HK$50,000 if living together for the entire year)

  • Single parent allowance: HK$132,000

  • Disabled person's allowance: HK$75,000

  • Disabled dependent allowance: HK$75,000

 

For the 2024/25 year of assessment, the standard tax rate for salary tax is 15% on the first HK$5 million of net income, and 16% on net income exceeding HK$5 million.

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In addition to allowances, readers can also utilize deductible items, which include:

  • Expenses of Self-Education: HK$100,000

  • Elderly Residential Care Expenses: HK$100,000

  • Home Loan Interest: HK$100,000 or HK$120,000*

  • Tax Deduction for Domestic Rents: HK$100,000 or HK$120,000*

  • Mandatory Provident Fund Contributions: HK$18,000

  • Voluntary Health Insurance Premiums: HK$8,000

  • Qualified Annuity and Voluntary MPF Contributions: HK$60,000

  • Tax Deduction for Assisted Reproductive (AR) Service Expenses: HK$100,000

  • Approved Charitable Donations: Up to 35%

 

*An additional deduction of HK$20,000 is available if the following conditions are met:

  • The taxpayer has lived in Hong Kong with their child for at least six continuous months.

  • The child was born on or after October 25, 2023, and was under 18 years old at any time during that assessment year.

 

 

Please keep in mind that tax planning is achieved through tax avoidance, not tax evasion.  Tax evasion would lead to criminal offense and trigger tax field audit / tax investigation.  Professional tax advisor can help you to structure tax planning via legitimate methods.

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For further information, please contact 展群CK ®:

a. Phone at (852) 3502 7392
b. Whatsapp at (852) 5227 9242

c. Email at info@ck-tax.com

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