Hong Kong Property Tax, Tax Advisory - Conpak CPA Limited

Property Tax

Property has always been a favourable way for investment due to its added value. In Hong Kong, the property owners lease their land, buildings or parking lot and they have to pay Property Tax according to the net assessable value of their property.

Tax Rates

Calculating at the standard rate of 15%

Assessment Period

From 1 April of each year to 31 March of the next year

The Basis of Assessment

The net assessable value shall be the current year's rental income (after deduction of rates paid by the owner), less an allowance of 20% for repairs and outgoing expenses. Any other expense than the foregoing cannot be deducted, except for irrecoverable rents, which can be deducted. Subsequently recovered rents shall be recognised as income in the year they are recovered.

Tax-exempt Items

  • Real estate owned by the government and consuls
  • The company which has already paid profits tax regarding the rent income arising from leasing or subleasing real estate is eligible to apply for property tax exemption from HKIRD in writing (in default of tax exemption application, the property tax paid may be counted in the payable profits tax).

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