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Properties for Owner’s Business Use

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Properties for Owner’s Business Use

If the income from property chargeable to Property Tax is included in the taxpayer’s assessable profits for Profits Tax purposes (e.g. rental income is received from a trade/business). You can apply for an exemption of Property Tax under section 5(2)(a) of the Inland Revenue Ordinance (“IRO”) on the ground that the income will be assessed under Profit Tax. You may make application in writing for exemption from paying the Property Tax.

Or if the property owned by the taxpayer is occupied by him/her for the purposes of producing profits chargeable to Profits tax, the amount of Property Tax paid may be deducted from the amount of Profits Tax assessed for the same year under section 25 of the IRO. You may also make application in writing for such set-off.

Source:Hong Kong Inland Revenue Department’s website
- https://www.ird.gov.hk/eng/tax/ind_ppt.htm#a08
- https://www.ird.gov.hk/eng/pdf/dipn14.pdf

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