# What's the procedure for graduaty calculation?

What's the procedure for graduaty calculation?

What's the procedure for graduaty calculation?

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The calculation for year of assessment 2007/08 is as follows:-

Incomes - Deductions - Allowances = Net Chargable Incomes (NCI)

1st 35,000 of NCI is 2%

2nd 35,000 of NCI is 7%

3rd 35,000 of NCI is 12%

remainder of NCI is 17%

e.g. Total Income is HK\$3,000,000, Allowable Deduction is HK\$10,000 and Only Basic Allowance can be claimed as HK\$100,000.

Calculation:

NCI = HK\$3M - HK\$10K - HK\$100K = HK\$2,890K

1st 35,000 = 35,000 x 2% = 700

2nd 35,000 = 35,000 x 7% = 2,450

3rd 35,000 = 35,000 x 12% = 4,200

remainder = 2,785,000 x 17% = 473,450

Tax Payable at Progressive Rates = 480,800

Tax Payable at Standard Rate = (3M - 10K) x 16% = 478,400

Therefore, the Tax Payable will be HK\$478,400

e.g.2 Total Income is HK\$180,000, Allowable Deduction is HK\$5,000 and Only Basic Allowance can be claimed as HK\$100,000.

Calculation:

NCI = HK\$180K - HK\$5K - HK\$100K = HK\$75K

1st 35,000 = 35,000 x 2% = 700

2nd 35,000 = 35,000 x 7% = 2,450

3rd 35,000 = 5,000 x 12% = 600

Tax Payable at Progressive Rates = 3,750

Tax Payable at Standard Rate = (180K - 5K) x 16% = 28,000

Therefore, the Tax Payable will be HK\$3,750

2008-08-19 09:39:34 補充：

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