HONG KONG ANNUAL REPORT, 1952
The personal allowance for an individual liable to Salaries and Annuities Tax, or who elects for personal assessment, is $7,000. Allowances are also made for a wife and up to nine children. Tax on salaries and on personal income is levied at rates varying from one-fifth of the standard rate on the first $5,000 of chargeable income to twice the standard rate on chargeable income over $45,000.
Revenue derived from the four taxes in 1951/52, together with amalgamated tax under personal assess- ment, was as follows :-
Profits tax:
Corporation profits tax Business profits tax
$20,850,652
$12,154,016
$33,004,668
Salaries and Annuities tax
Interest tax
$ 7,083,509
$ 2,520,204
Property tax
Personal assessment
$ 8,870,782
$ 383,704
TOTAL
$ 51,862,867
Estate Duty
Estate Duty is levied on conventional lines at rates varying between:
2% in the case of estates valued between $5,000 and $10,000
and
52% in the case of estates valued at over $30,000,000.
The total revenue received from this duty during 1951/52 amounted to $10,066,230.
50
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