Tax Rates of Salaries Tax & Personal Assessment
Before going to the tax rates of salaries tax and personal assessment, you may want to know how to calculate the amount of tax you should pay. This article will also tell you the standard rate and annual income levels at which salaries tax payers approach the standard rate zone.
However, you should use the simple Tax Calculator developed by the Inland Revenue Department to find out whether your tax payable will be calculated at standard rate or at progressive rate.
How to Calculate the Amount of Tax that You Should Pay?
Your net chargeable income, i.e. assessable income after deductions and allowances, is charged at progressive rates. But if what you need to pay on the basis of your net chargeable income exceeds the tax charged at standard rate on your net income, i.e. assessable income after deductions but before allowances, then you have to pay the lower amount of tax.
Year of Assessment 2018/19 onwards#
|
Net chargeable Income |
Rate |
Tax |
|
|---|---|---|---|
|
$ |
$ |
||
| On the First | 50,000 | 2% | 1,000 |
| On the Next | 50,000 | 6% | 3,000 |
| 100,000 | 4,000 | ||
| On the Next | 50,000 | 10% | 5,000 |
| 150,000 | 9,000 | ||
| On the Next | 50,000 | 14% | 7,000 |
| 200,000 | 16,000 | ||
| Remainder | 17% |
# Until superseded
Standard Rate
| Year of Assessment | 2018/19 to 2023/24 | 2024/25* |
|---|---|---|
| Standard Rate | 15% | |
|
Two-tiered Standard Rates On the first $5,000,000 of net income |
15% | |
|
Remainder |
16% |
* Legislative amendments are required for implementing the tax measures as proposed by the Financial Secretary in the 2024-25 Budget.
Tax Reduction
* Legislative amendments are required for implementing the tax measures as proposed by the Financial Secretary in the 2024-25 Budget.
Annual Income Levels at Which Salaries Tax Payers Approach the Standard Rate Zone
Year of Assessment |
|||
|
2024/25* |
2023/24 |
2018/19 to |
|
| Single | 2,022,000 | 2,022,000 | 2,022,000 |
| Married | 3,144,000 | 3,144,000 | 3,144,000 |
| Married + 1 child^ | 4,249,000 | 4,249,000 | 4,164,000 |
| Married + 2 children^ | 5,708,000 | 5,354,000 | 5,184,000 |
| Married + 3 children^ | 7,918,000 | 6,459,000 | 6,204,000 |
Including Two Dependent Parents or Grandparents Aged 60 or Above
|
Year of Assessment |
|||
|
2024/25* |
2023/24 |
2018/19 to |
|
| Single | 2,872,000 | 2,872,000 | 2,872,000 |
| Married | 3,994,000 | 3,994,000 | 3,994,000 |
| Married + 1 child^ | 5,198,000 | 5,099,000 | 5,014,000 |
| Married + 2 children^ | 7,408,000 | 6,204,000 | 6,034,000 |
| Married + 3 children^ | 9,618,000 | 7,309,000 | 7,054,000 |
Including Two Dependent Parents or Grandparents Both Aged 60 or Above and Living With You
|
Year of Assessment |
|||
|
2024/25* |
2023/24 |
2018/19 to |
|
| Single | 3,722,000 | 3,722,000 | 3,722,000 |
| Married | 4,844,000 | 4,844,000 | 4,844,000 |
| Married + 1 child^ | 6,898,000 | 5,949,000 | 5,864,000 |
| Married + 2 children^ | 9,108,000 | 7,054,000 | 6,884,000 |
| Married + 3 children^ | 11,318,000 | 8,159,000 | 7,904,000 |
Including One Dependent Parent or Grandparent Aged 60 or Above and Living With You and One Disabled Dependent Brother or Sister
|
Year of Assessment |
|||
|
2024/25* |
2023/24 |
2018/19 to |
|
| Single | 3,828,250 | 3,828,250 | 3,828,250 |
| Married | 4,950,250 | 4,950,250 | 4,950,250 |
| Married + 1 child^ | 7,110,500 | 6,055,250 | 5,970,250 |
| Married + 2 children^ | 9,320,500 | 7,160,250 | 6,990,250 |
| Married + 3 children^ | 11,530,500 | 8,265,250 | 8,010,250 |
Being a Single Parent with
|
Year of Assessment |
|||
|
2024/25* |
2023/24 |
2018/19 to |
|
| 1 child^ | 4,249,000 | 4,249,000 | 4,164,000 |
| 2 children^ | 5,708,000 | 5,354,000 | 5,184,000 |
| 3 children^ | 7,918,000 | 6,459,000 | 6,204,000 |
Note: The effects of the various deductions are not included in the above tables.
^ Not include Additional Child Allowance in the year of birth
* Legislative amendments are required for implementing the tax measures as proposed by the Financial Secretary in the 2024-25 Budget.
Annual Income Levels for the latest 7 years at which Salaries Tax Payers Approach the Standard Rate Zone