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Hong Kong raises tax on high income earners for first time in 20 years

Hong Kong raises tax on high income earners for first time in 20 years

This unexpected step is intended to reduce the lack of budgetary funds.

Source:https://www.bloomberg.com/news/articles/2024-02-28/hong-kong-hikes-tax-rate-for-high-earners-to-16-to-pare-deficit?srnd=homepage-asia&embedded-checkout=true

A two-tier tax system will be introduced from April: income up to $640,000 will be taxed at a maximum rate of 15%, and anything above that will be taxed at 16%. Currently the rate for all individuals is 15%.

The move will affect about 12,000 people, or about 0.6% of taxpayers.

The deficit for the year ending March 31 is forecast at HK$101.6 billion, almost double the estimate a year ago.

The last time Hong Kong raised its general payroll tax rate was in 2003, when it was increased to 16%. The rate was lowered to 15% from 16% in 2008 after the city reported a record budget surplus. The city has no GST or capital gains tax.

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