ENG-1952 — Page 74

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.

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