Property Tax
Property has always been a favourable way for investment due to its added value. In Hong Kong, the property owners lease their land, buildings or parking lot and they have to pay Property Tax according to the net assessable value of their property.
Tax Rates
Calculating at the standard rate of 15%Assessment Period
From 1 April of each year to 31 March of the next yearThe Basis of Assessment
The net assessable value shall be the current year's rental income (after deduction of rates paid by the owner), less an allowance of 20% for repairs and outgoing expenses. Any other expense than the foregoing cannot be deducted, except for irrecoverable rents, which can be deducted. Subsequently recovered rents shall be recognised as income in the year they are recovered.Tax-exempt Items
Real estate owned by the government and consulsThe company which has already paid profits tax regarding the rent income arising from leasing or subleasing real estate is eligible to apply for property tax exemption from HKIRD in writing (in default of tax exemption application, the property tax paid may be counted in the payable profits tax).Why Choose First Group?
- Professional and Efficient：With years of experience and familiarity with regulations in various regions, we ensure smooth business processes.
- One-Stop Service：Whether it's company formation, tax consulting, accounting services, or auditing, we handle everything for you, saving you time and effort.
- Customized Solutions：Whether you are a startup or expanding your business, we can tailor solutions to meet your needs.
Contact us now for a free consultation and the latest pricing information! Just prepare the basic information, and First Group will simplify the cumbersome procedures, allowing you to focus on realizing your business blueprint. Start today, succeed tomorrow!
