ALLOWANCES 1996/97 1995/96 Basic 90,000 79,000 Married 180,000 158,000 Child: First to Second Child 24,500 each 22,000 each Third to Ninth Child 12,500 each 11,000 each Dependent Parent/Grandparent: Basic 24,500 22,000 Additional (for dependent 7,000 6,000 living with taxpayer) Single Parent 45,000 40,000 Disabled Dependent 15,000 11,000 Dependent Brother/Sister: Basic 24,500 - Additional (where dependent 15,000 - is disabled) Additional Deduction: Training 12,000 -
The progressive tax bands remain unchanged and are summarised as follows:
1996/97 and 1995/96
0 - 20,000 2%
20,001 - 50,000 9%
50,001 - 80,000 17%
80,000 or above 20%
The standard salaries tax rate is 15%.
PROFITS TAX
1996/97 and 1995/96 Corporations 16.5% Persons other than Corporations 15%
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Yvonne Chan on tel: +852 2852 0315, fax: +852 2541 2936, or e-mail directly to Yvonne.S.Chan@arthurandersen.com or enter a text search 'Arthur Andersen' and 'Business Monitor'.
