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HK Tax 2024

iCalculator™ HK: Hong Kong Tax Calculators

Welcome to iCalculator™ HK, your comprehensive suite of free tax calculators for Hong Kong. iCalculator™ has provided free tax calculators for Hong Kong since 2014. Since those early days we have extended our resources for Hong Kong to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The Hong Kong Tax Calculator and salary calculators within our Hong Kong tax section are based on the latest tax rates published by the Tax Administration in Hong Kong. In this dedicated Tax Portal for Hong Kong you can access:

Hong Kong Tax Calculator 2024/25

The Hong Kong Tax Calculator below is for the 2024 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in Hong Kong. This includes calculations for

  1. Employees in Hong Kong to calculate their annual salary after tax.
  2. Employers to calculate their cost of employment for their employees in Hong Kong.
Hong Kong Tax Calculator 2024
*** Please enter your employment income ***
Advanced Hong Kong Salary Calculator
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Discover Hong Kong

Hong Kong, a Special Administrative Region of China, is located on the southeastern coast of China, bordering the People's Republic of China to the north. It comprises Hong Kong Island, the Kowloon Peninsula, the New Territories, and over 200 offshore islands. The Pearl River Delta lies to the immediate north, and the South China Sea to the east, south, and west. This strategic geographical position has historically made Hong Kong an important gateway between the East and West, facilitating international trade and cultural exchanges.

The cultural landscape of Hong Kong is a unique blend of Eastern and Western influences, reflecting its colonial history and Chinese heritage. It is renowned for its vibrant lifestyle, diverse culinary scene, and rich arts and entertainment industry, including Cantonese opera and cinema. Festivals like Chinese New Year and the Dragon Boat Festival are celebrated with great enthusiasm, showcasing the region's rich traditions and modern vitality.

Hong Kong's economy is one of the most open and dynamic in the world. It is characterized by free trade, low taxation, and minimal government intervention, earning it a reputation as a global financial center. Major economic sectors include financial services, trading and logistics, tourism, and professional and producer services. Hong Kong is also a major destination for international investment and a key financial gateway to mainland China, playing a crucial role in the global economy.

The territory's port is among the busiest in the world, serving as a major transshipment and logistics hub. Despite its small geographical size, Hong Kong's robust legal system, well-developed infrastructure, and strategic location continue to make it a pivotal player in international trade and finance.

Overview of Hong Kong

Hong Kong’s tax system is noted for its simplicity and low tax rates, making it an attractive hub for businesses and individuals. The system is based on a territorial principle, meaning that only income sourced in Hong Kong is subject to tax. This includes salaries tax for individuals, profits tax for businesses, and property tax. There is no capital gains tax, no inheritance tax, and no sales tax or value-added tax in Hong Kong.

The salaries tax for individuals is progressive, but the rates are relatively low compared to global standards. For businesses, the profits tax is also levied at a competitive rate, encouraging entrepreneurship and investment. The property tax is applied to rental income, with provisions to ensure it is levied fairly.

Hong Kong's tax system is designed to support its position as a global financial center, attracting foreign investment while maintaining a straightforward and efficient tax regime. For a more detailed understanding of tax obligations and planning in Hong Kong, our resource hub offers a comprehensive collection of the latest tax tools and tables. Visit our tax tools and tables section for valuable resources to navigate Hong Kong's tax environment.