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Ms . Pang was a Hong Kong resident and migrated to the US for more than a decade ago. She returns to Hong Kong to
Ms Pang was a Hong Kong resident and migrated to the US for more than a decade ago. She returns to Hong Kong to visit her relatives and friends three to four times each year spending about a week each time. In the year Ms Pang acquired a local residential property during her stay in Hong Kong. The purchase consideration was partially settled by a mortgage loan from a bank in Hong Kong. The property was then leased to a tenant, Mr Cheng, under the following terms: i Term of lease: four years from July ii Monthly rental: $ payable in advance on the first day of each month iii Rent free period: months from July iv Premium: HK$ payable on July v Rental deposit HK$ payable on July refundable vi Rates: HK$ per quarter, payable by Ms Pang vii Management fee: HK$ per month, payable by Ms Pang Due to financial difficulties, Mr Cheng has only paid HK$ per month as rental since January and from April Mr Cheng did not pay any rent to Ms Pang at all. Finally, Mr Cheng moved out from the property on July and cannot be traced anymore the IRD agreed with Ms Pang on the irrecoverable rent as bad debt on the same date Ms Pang has become more cautious in the property leasing market and finally she leased the property to another tenant, Mr Tsang, for a oneyear leasing term, with annual rental amount of HK$ fully payable in advance. Rates and management fee, both in the same amount as last year, are fully payable by Ms Pang. The new lease was effective on September Ms Pang has incurred HK$ and HK$ mortgage loan interest for the years ended March and respectively. Please provide a Property Tax Computations and for Ms Pang showing her property tax payable.
Ms Pang was a Hong Kong resident and migrated to the US for more than a decade ago. She returns to Hong Kong to visit her relatives and friends three to four times each year spending about a week each time. In the year Ms Pang acquired a local residential property during her stay in Hong Kong. The purchase consideration was partially settled by a mortgage loan from a bank in Hong Kong.
The property was then leased to a tenant, Mr Cheng, under the following terms:
i Term of lease: four years from July
ii Monthly rental: $ payable in advance on the first day of each month
iii Rent free period: months from July
iv Premium: HK$ payable on July
v Rental deposit HK$ payable on July refundable
vi Rates: HK$ per quarter, payable by Ms Pang
vii Management fee: HK$ per month, payable by Ms Pang
Due to financial difficulties, Mr Cheng has only paid HK$ per month as rental since January and from April Mr Cheng did not pay any rent to Ms Pang at all. Finally, Mr Cheng moved out from the property on July and cannot be traced anymore the IRD agreed with Ms Pang on the irrecoverable rent as bad debt on the same date
Ms Pang has become more cautious in the property leasing market and finally she leased the property to another tenant, Mr Tsang, for a oneyear leasing term, with annual rental amount of HK$ fully payable in advance. Rates and management fee, both in the same amount as last year, are fully payable by Ms Pang. The new lease was effective on September
Ms Pang has incurred HK$ and HK$ mortgage loan interest for the years ended March and respectively.
Please provide a Property Tax Computations and for Ms Pang showing her property tax payable.
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