Raymond Yeung Tax Consultant former Assessor of Inland Revenue Department 前稅局評稅主任楊輝洪

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Salaries Tax Computation

 

Press here for personal allowances and tax rates

 

Example:

 

Throughout the year ended 31 March 2012, Mr. Wong, a singleton, was employed as an accountant with a monthly salary of $50,000. In his tax return, he claimed deduction for membership fee to Hong Kong Society of Accountants $2,000, contribution to Mandatory Provident Fund $12,000 and expenses of self-education $15,500. According to his last-year tax bill, he had paid $40,000 for Provisional Tax for 2005/2006.

 

In October 2012, Mr. Wong received a tax bill. Assuming the tax return was totally accepted by the Revenue, his assessment and tax payable shown in the tax bill would be as follows:

      

Final tax payable for 2011/2012

 

Net assessable income: $50,000 * 12 = $600,000 less membership fee $2,000 less MPF contribution $12,000 less self-education expenses $15,500 equal to $570,500.

Net chargeable income: $570,500 minus basic allowance $108,000 equal to $462,500.

 

Tax payable at progressive rates: $66,625

(Standard rate restriction: $570,500 * 15% = $85,575 --- not applicable)

Less: Provisional tax paid per last-year tax bill $40,000.

Balance tax payable: $66,625 minus $40,000 equal to $26,625 

Add: Provisional tax payable for 2012/2013, as computed according to the financial budget, that is $65,585.

Total tax payable: $26,625 + $65,585 = $92,210

 

Two installments of payments

 

The first installment is made up of (a) balance of tax payable for 2011/2012: $26,625 and (b) 75% of the provisional tax payable for 2012/2013, i.e. $65,585 * 75% = $49,189. Total payable for first installment: $75,814. The due date is usually in January to March 2013. 

The second installment of tax is 25% of provisional tax payable for 2012/2013, i.e. $65,585 * 25% = $16,396. The due date is usually in April to June 2013.

 

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