01 Intro to HK taxation system-2014 - s

Year of assessment concerned year year eg if a company

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Unformatted text preview: ember, the basis period of the company December, the basis period of the company ffor the Y/A 2011/12 is the year ended 31 or the Y/A 2011/12 is the year ended 31 Dec., 2011. Dec., 2011. Dec., Dec., 37 Person( ) Section 2(1) – includes a corporation ( Section ), partnership ( ), trustee ( ) ), or a body of persons ( ) A body of persons – include any body company, fraternity, fellowship or society of persons whether corporate or not corporate. corporate. 38 Tax rates ( Tax ) Standard rate Standard 2003/04: 15.5% 2003/04: 15.5% 2004/05 to 2007/08: 16% 2004/05 16% 1989/90 to 2002/03: standard rate: 15% 1989/90 15% 2008/09 to 2013/14: 15% 2008/09 15% Corporation profits tax rate – Corporation 1998/99 to 2002/03: 16% 1998/99 16% 2003/04 to 2007/2008: 17.5% 2003/04 2008/09 to 2013/14: 16.5% 2008/09 16.5% 39 Progressive Tax Rates 08/09 onwards 08/09 onwards First $40,0002 First $40,0002 Next $40,000 Next $40,000 Next $40,00012 Next $40,00012 12 12 Remainder Remainder 07/08 07/08 07/08 07/08 % % First $35,000 First $35,000 First First % % 7 7 Next $35,000 Next $35,000 7 7 2 2 Next $35,000 Next $35,000 12 12 17 17 17 17 40...
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