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yeahh n hk has a duty-free port which means its imports are cheaper than many other countries e.g. UK has 17.5% VAT. Specialised goods such as Cigaretts and Acohol has some kind of tax though however it is relatively low compared to many countries.
 

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16% standard rate means that it is the highest tax rate chargeable regardless of your income. Everybody has a basic allowance of HK$100,000, i.e. this number will be subtracted from your annual income for tax rate calculations. On the first $35,000, a 2% tax will be charged, and on the second $35,000 a 7% will be charged. On the next $35,000 a 13% will be charged and for the remainder you will be charged 19%.

Assuming that you cannot claim any allowance, you will only be taxed 16% when you have an income of at least a little over HK$1,200,000.

http://www.ird.gov.hk/eng/pdf/pam61e.pdf
 

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Rachmaninov said:
16% standard rate means that it is the highest tax rate chargeable regardless of your income. Everybody has a basic allowance of HK$100,000, i.e. this number will be subtracted from your annual income for tax rate calculations. On the first $35,000, a 2% tax will be charged, and on the second $35,000 a 7% will be charged. On the next $35,000 a 13% will be charged and for the remainder you will be charged 19%.

Assuming that you cannot claim any allowance, you will only be taxed 16% when you have an income of at least a little over HK$1,200,000.

http://www.ird.gov.hk/eng/pdf/pam61e.pdf
Thanks for the explanation. :eek:kay:
 
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