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Property Tax

Property Tax

In Hong Kong, property tax is levied on the owner of any land or building, with some exceptions for government and consular properties. Here's a breakdown of key points:

  • Rate: The standard rate is 15% applied to the net assessable value of the property.

  • Net Assessable Value: This is calculated by subtracting expenses from the rental income. Expenses can include rates (a separate tax) paid by the owner, a 20% allowance for repairs, and irrecoverable rent.

  • Who Pays: Property tax is typically paid by the owner who receives rent from the property. If you live in your own property, you generally don't pay property tax.

  • Year of Assessment: This runs from April 1 to March 31 of the following year.

Here are some resources from the Hong Kong government for further information:

How Bestar can Help

Bestar offers various tax-related services that could be beneficial. Here are some possibilities how Bestar can help with property tax in Hong Kong:

  • Property Tax Calculation and Filing: We help you calculate your net assessable value, determine your tax liability, and file your property tax return with the Inland Revenue Department (IRD) of Hong Kong.

  • Record Keeping and Expense Management: We can assist with maintaining accurate records of your property's rental income and allowable expenses, which are crucial for calculating your net assessable value and minimizing your tax burden.

  • Tax Planning and Optimization: Our accountant might advise on tax-saving strategies specific to property ownership in Hong Kong.

  • Representation During Audits: In case of an IRD audit, we can represent you and ensure a smooth process.

For the most accurate information on how Bestar can assist you, contact us. You can find our contact details on our website or through a web search.

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