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TAX RATES AND ALLOWANCES All monetary figures shown in the question paper are Hong Kong dollars unless specifically indicated otherwise The following tax rates and allowances are to be used in answering the questions: Rates and allowances - Year of assessment 2020/21 onwards Profits tax rate Corporation First $2,000,000 8.25% Remainder 16.5% Unincorporated business First $2,000,000 7.5% Remainder 15% Salaries tas progressive rate First $50,000 Next $50,000 Next $50,000 Next $50,000 Remainder 2% 6% 10% 14% 17% Standard rate Property tax rate (Standard) 15% 15% Personal allowances $ $ 132.000 264.000 Basic allowance Married person's allowance Child allowance: First to ninth child (each) Additional allowance in the year of birth (each) Dependent parent allowance - basic* - additional" Dependent parent allowance (aged 55-59) - basic - additional 120,000 120,000 50.000 50,000 25.000 25.000 *It also applies to any age eligible to claim government's Disability Allowance Scheme Deductions Home loan interest Contributions to recognized retirement scheme Approved charitable donations ceiling 100.000 18,000 35% 100% of salaries tax, profits tax or tax under personal assessment will be waived, subject to the maximum of $10.000. Stamp duty rates Conveyance and Agreement for sale Ad Valorem Stamp Duty (AVD) with effect from 23/2/2013 (Marginal reliefs ignored) Scale 1 Not exceeding $2,000,000 1.5% Not exceeding $3,000,000 3% Not exceeding $4,000,000 4.5% Not exceeding $6,000,000 6% Not exceeding $20,000,000 7.5% Exceeding $20,000,000 8.5% Residential properties, effective 5 Nov 2016 15% flat rate Non-residential properties, effective 26 Nov Scale 2 AVD 2020 Special Stamp Duty 20/11/2010 Holding period Not exceeding 6 months 15% > 6 months and 12 months and 24 months 5% > 12 months and