III. Property Tax Under section 5 (1) of the Inland Revenue Ordinance, Property Tax is charged on the owners of land and/or buildings in Hong Kong who let out their properties in return for rental income and/or other charges. This tax is payable by the owner (s) at the standard rate (15% for the year of assessment 2008/09 onwards) for the relevant year of assessment on the net assessable value of the relevant property. The net assessable value is the assessable value (after deduction of ...
- What is a “lease premium”? Should it be included in the assessable value for Property Tax? A lease premium is a non-refundable lump sum payment made by the tenant to the owner upon the signing of the tenancy agreement (e.g. a consent fee payable to the owner for accepting the transfer of tenancy from the “old tenant” to the “new tenant”). It is part of the consideration/money paid for using the property and is chargeable to Property Tax. The lease premium shall be included in ...
- What is the maximum amount of tax deduction under Home Loan Interest? Under Section 26E (2) of the Inland Revenue Ordinance, if you are the registered sole owner of a dwelling, you can get deductions of Home Loan Interest paid on the mortgage of your home. The maximum amount of deduction for each year is $100,000 from the year of assessment 2017/18 onwards. With effect from the year of assessment 2012/13, the number of years of deduction for home loan interest is extended from 10 to 15 ...
- What is the maximum amount of tax deduction under Home Loan ... - CLIC