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.