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Personal Income Tax in Hong Kong - Coursework Example

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"Personal Income Tax in Hong Kong" paper provides an extensive treatment of the matter concerned with the focus on one state, Hong Kong. The focus, furthermore, is on the nature of the country’s personal taxes and how its admission affects the taxpayers’ participation…
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Personal Income Tax in Hong Kong
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Download file to see previous pages The focus, furthermore, is on the nature of the country’s personal taxes and how its admission affects the taxpayers’ participation. In addition, Hong Kong’s personal tax system is being compared with that of Australia in establishing links on what contributed to the former’s taxpayer behavior—which is believed to have been low—and the latter’s, which is the reverse of the first-mentioned.

At the onset of the increase in global labor mobility, personal taxation systems rates have fallen by a significant average. Particularly, in the Asia Pacific states, the lowest tax rate is found in Hong Kong, with 16% (Godfrey, 2008). Personal tax in Hong Kong is usually referred to as the salary tax, which comes only on annual employment income. In addition, the non-employment income coming out in the form of dividends, shares, or capitals is held not taxable. Such conception is further grounded on the notion that salaries are only those which could one possibly get through being employed, and it is that portion of their salaries that is paid as taxes (The Low Tax Network, n.d.). In an article by Rory Boland (n.d.), Hong Kong’s taxation system could be defined in five major definitions: (1) no sales tax; (2) no capital gains tax; (3) no VAT; (4) maximum salary tax of 20 %; and (5) profit tax maximum of 16%. Personal taxation in Hong Kong is, in fact, considered as having a narrowly-defined base which justifies the state’s tax system as a relatively generous one (Littlewood, 2007).

On one hand, the Australian personal taxation is falling behind Hong Kong’s. In fact, because of its “incompetent” tax reduction efforts to compete with other states, Australia is now planning for a system reform (Australian Chamber of Commerce and Industry (ACCI), 2005). According to Mr. Stanhope (n.d. cited in Business Coalition for Tax Reform, 2004), “Australia’s personal taxes are among the highest in the world…” ...Download file to see next pagesRead More
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