Hong Kong Tax Tables 2024 - Tax Rates and Thresholds in Hong Kong
Rate and Share, Show you Care 😊 Your feedback and support helps us keep this resource FREE for all to use, thank you.
This page contains the tax table information used for the calculation of tax and payroll deductions in Hong Kong in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ HK, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Hong Kong or would like to add to or suggest amendments to the information herein then please contact us.
2024 Tax Tables [Quick Links]
Related Calculators
Hong Kong Personal Income Tax Tables in 2024
The Income tax rates and personal allowances in Hong Kong are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Hong Kong Tax Calculator 2024.
Hong Kong Residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 2% | Income from $ 0.000.00 | to | $ 50,000.00 |
| 6% | Income from $ 50,000.01 | to | $ 100,000.00 |
| 10% | Income from $ 100,000.01 | to | $ 150,000.00 |
| 14% | Income from $ 150,000.01 | to | $ 200,000.00 |
| 17% | Income from $ 200,000.01 | | and above |
Hong Kong Non-residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 2% | Income from $ 0.000.00 | to | $ 50,000.00 |
| 6% | Income from $ 50,000.01 | to | $ 100,000.00 |
| 10% | Income from $ 100,000.01 | to | $ 150,000.00 |
| 14% | Income from $ 150,000.01 | to | $ 200,000.00 |
| 17% | Income from $ 200,000.01 | | and above |
In Hong Kong, contributions to the Mandatory Provident Fund (MPF) made by employees are deductible from their taxable income. This means that the amount contributed to the MPF by an employee can be used to reduce their total taxable income, thereby potentially lowering their overall tax liability. This deduction is part of Hong Kong's effort to encourage savings for retirement while providing immediate tax benefits to employees.
Hong Kong Social Security and Payroll Deduction Rates in 2024
In Hong Kong, social security and payroll deductions primarily involve contributions to the Mandatory Provident Fund (MPF) system, which is a key component of the territory's retirement protection scheme. Both employees and employers are required to make contributions to the MPF, which serves as a pension fund to provide financial security for individuals in their retirement years.
Hong Kong Social Security in 2024: Rates for Employers and Employees| Category | Employee | Employer | Total |
|---|
| Mandatory Provident Fund | 5% | 5% | 10% |
Hong Kong Social Security and Payroll Deduction in 2024: Earnings Thresholds for Employers and Employees| Category | Employee | Employer |
|---|
| Min. | Max. | Min. | Max. |
|---|
| Mandatory Provident Fund | $ 85,200.00 | $ 360,000.00 | n/a | n/a |
The MPF contributions made by employees and employers are allocated into individual accounts, which are managed by private sector trustees. These funds are invested, and the accrued benefits are available to the employees upon retirement, or under specific circumstances, such as severe illness or permanent departure from Hong Kong.
In addition to the MPF, employees in Hong Kong are covered by the Employees' Compensation Insurance, which is paid for by employers. This insurance provides protection to employees who suffer from injuries or illnesses as a result of their work. It covers medical expenses, rehabilitation costs, and provides financial compensation in case of temporary or permanent disability, or death.
The combination of the MPF system and Employees' Compensation Insurance ensures that workers in Hong Kong have a safety net during their working years and into retirement, contributing to a stable and secure workforce environment.
Historic Tax Tables supported for Hong Kong
The following tax tables are supported by iCalculator™ HK as part of the suite of free tax tools we provide for Hong Kong.