If you hold a Hong Kong Property and receive rental income or lump sum premium from a Hong Kong property, you have to report it in your Tax Return – Individuals (if the property is solely-owned by you) or property tax return (if the property is jointly owned or co-owned by you).

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Basic Period

 

From 1 April of one year to 31 March next year (no other option is provided)

 

Two-tiered Standard Rates

 

Standard rate 15%

 

Deductions and Allowances

 

1) Rated paid by the landlord

2) 20% of deductions and allowances

3) Bad debts

 

Notes: The taxpayer does not allow to claim other repair and maintenance fees

 

FAQs of Property Tax

 

Q: If the property is held by the company should we pay the property tax?

A: No, the taxpayer is subject to profit tax instead of property tax.

 

Q: If the property is held by me who does not have salaries and business, how can I reduce the property tax?

A: You can elect personal assessment to transfer the net assessable value to salaries tax assessment.