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HK's Top Earner Pays HKD71m In Salaries Tax,
by Mary Swire, Tax-News.com, Hong Kong
Wednesday, May 13, 2009
Hong Kong's top earner in 2008-09 paid HKD71m (USD9m) in salaries tax, the
region's Inland Revenue Department has reported.
The top profits-tax earner paid HKD5.91bn (USD762m).
According to the department's figures, the amount of salaries tax paid by
the top earner in 2008-09 was HKD6m (USD774,229) more than in 2007-08. The second
top earner in 2008-09 paid HKD63m, (USD8m) HKD1m (USD129,035) more than the
previous year, while the third top earner paid HKD47m (USD6m), HKD5m (USD64,151)
less.
The amount of profits tax paid by the top 10 companies in 2008-09 ranged from
HKD870m (USD112m) to HKD5.91bn (USD762m), higher than the range of HKD720m (USD92m)
to HKD3.2bn (USD412m) recorded in 2007-08.
The tax paid in 2008-09 includes the final tax for 2007-08 and provisional
tax for 2008-09. It is primarily computed by reference to the taxpayer's income
and profits in 2007-08.
However, as the 2007-08 provisional tax paid in the previous year was applied
in payment of the tax charged for the year, and individual taxpayers may have
applied to hold over their provisional tax, the net amount of tax paid in 2008-09
cannot be used to project the amount earned by a taxpayer in 2007-08.
The amount of tax paid by a handful of taxpayers or companies does not necessarily
reflect the overall revenue collection trend.
The department also said a few taxpayers were paying a particularly high amount
of salaries tax because they were in receipt of income other than basic salaries.
Bonuses, commissions, allowances and share option gains all formed part of their
assessable income.
Profits tax is worked out from the assessable profits of each company.
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