Hong Kong's income tax is almost never referred as "Income Tax", but referred separetely as Salaries Tax, Profit Tax and Property Tax.
As it is called, "Profit Tax" is taxation on the income subtracted by expenses. And like Salaries Tax, it is capped at 15%.
The name "property tax" is mesleasing because it actually refers to taxes on rent. That doesn't mean HK has no real property tax – for that is called Land Rent and Rates.
HK largely follows the Georgist model, with the government's income sourced largely from selling land.
Hong Kong's income tax is almost never referred as "Income Tax", but referred separetely as Salaries Tax, Profit Tax and Property Tax.
As it is called, "Profit Tax" is taxation on the income subtracted by expenses. And like Salaries Tax, it is capped at 15%.
The name "property tax" is mesleasing because it actually refers to taxes on rent. That doesn't mean HK has no real property tax – for that is called Land Rent and Rates.
HK largely follows the Georgist model, with the government's income sourced largely from selling land.
Thank you, Hopefully Trump is looking at tearing up the the old system and creating something new.