前稅局評稅主任楊輝洪 Qualifications

Raymond Yeung Tax Consultant former Assessor of Inland Revenue Department * Service charge $500/hr

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Below is an illustration showing how property tax is computed.

 

Rental income for 1 July 2007 to 31 March 2008: $38,000 per month. Rates paid by owner for the 3 quarters ending on 31 March 2008: $12,000. Provisional Tax paid per last tax bill for 2007/2008: $35,000.

 

Rent for 9 months ($38,000 x 9): $342,000 less rates paid by owner of $12,000 equal to $330,000 (assessable value). Then, less 20% allowance for repairs and outgoings of $66,000, gives $264,000 (Net assessable value).

 

Property Tax for 2007/2008: $264,000 *16% = $42,240

Less: Provisional Tax paid for 20007/2008:       $35,000

Balance payable for 2007/2008:                         $7,240

 

Add: Provisional Tax for 2008/2009: $264,000 * 12  / 9  * 16% = $56,320.

 

Total tax payable to be shown in the tax bill: $7,240 plus $56,320 equal to $63,560.

 

The tax $63,560 is payable in two installments: the first one in November 2008 and second in April 2009. The November tax payable is 7,240 plus 7 / 12 of 56,320 totaled $40,093. The April tax payable is  5 / 12 of  $56,320 equal to $23,467.     

 

If the property owner terminates the lease agreement before 31 March 2009, he can apply for holding over the provisional tax. Press here for more

 

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