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Tien: Capital Gains, Dividends and Luxury Taxes ....

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  1. #11

    Join Date
    Mar 2010
    Posts
    6,745
    Quote Originally Posted by bdw:
    As a non-resident of HK, but owning a property which is rented out, I pay more taxes to HK government that all you bastards do. I collect $26,500 per month in rent, am allowed to deduct 20% in repairs and maintenance, pay 15% tax, which means I pay $38,160 in taxes.

    If I had a job in HK earning $26,500 per month, married, I would pay zero in taxes (married persons deduction). Even as a single would be paying almost nothing I think.

    So next time theres a free handout or something, before you guys whinge about how overseas HKPR's are scamming it and should be excluded, think of the poor sods like me who are supplementing your low taxes
    You pay more tax than you earn or is it a comma typo ? Either way, you clearly need help

  2. #12

    Join Date
    May 2009
    Posts
    1,289
    Quote Originally Posted by Morrison:
    You pay more tax than you earn or is it a comma typo ? Either way, you clearly need help
    Tax is per year I assume.
    bdw likes this.

  3. #13

    Populist rabble rousing.

    The elephant in the room as far as the alleged need for high taxes is the fact that recurring expenditure has been rising faster than recurring revenue for a good many years now. A look at the government's accounts shows that the overwhelming amount of the increase is due to personal costs (including pensions).

    Separately, I have been told repeatedly that Hong Kong has four key attributes as a place to do business (i) rule of law (ii) gateway to China (iii) efficient capital markets and (iv) the low tax rate. The first is viewed by some as being under threat, the second is a wasting asset as China develops its own hard and soft infrastructure which leaves (iii) and (iv) to underpin Hong Kong's economy.

    As a side note, I'm sure Keynes and students of the Great Depression would have no difficulty in explaining why raising taxes during a recession is a really dumb idea.

    https://www.censtatd.gov.hk/hkstat/s...&productType=8

    Paxbritannia and shri like this.

  4. #14
    Quote Originally Posted by Paxbritannia:
    Wouldn't transferring property from personal name to company name incur stamp duty? Or can you rely on the exemption if the individual is 100% beneficial owner of the company?
    I think it would incur double stamp duty.

  5. #15
    Quote Originally Posted by freeier:
    Isn't the best form of wealth tax based on properties in hk ?
    Property is already hugely taxed:

    1. land premium
    2. regular stamp duty
    3. double stamp duty for second buyers etc
    4. special stamp duty for sales within a short period of time
    5. rates
    6. government rent
    7. property tax on rental income

    All of these contribute to the high cost of housing in Hong Kong. Making housing more affordable has been an on going policy and practice failure (at least since Tung Chee-hwa's badly timed pledge of a zillion new flats). Adding to the cost of buying and owning property has always pushed up the cost of the end product making housing less affordable not just in Hong Kong but everywhere else. As I have said many times on this forum, the solution to Hong Kong's housing woes is to increase supply.
    shri and Paxbritannia like this.

  6. #16

    Join Date
    Aug 2020
    Posts
    535
    Quote Originally Posted by traineeinvestor:
    As I have said many times on this forum, the solution to Hong Kong's housing woes is to increase supply.
    Well yes, but the HK govt has every means to do it but won't. The housing situation here is caused by and excerbated by poor govt decisions and also inaction on points 1-7 named above.