Hong Kong Ordinances

INLAND REVENUE ORDINANCE - SECT 5

Charge of property tax

PART II

PROPERTY TAX

(1) Property tax shall, subject to the provisions of this Ordinance, be
charged for each year of assessment on every person being the owner of any
land or buildings or land and buildings wherever situate in Hong Kong and
shall be computed at the standard rate on the net  assessable value of such
land or buildings or land and buildings for each such year. (Amended 35 of
1965 s. 3; 76 of 1975 s. 3; 8 of 1983 s. 4; 7 of 1986 s. 12) Provided that-

   (a)  (Repealed 76 of 1975 s. 3)

   (b)  where the owner of the land is not the owner of the buildings thereon,
        separate assessments shall be made for the land and for the buildings;

   (c)  (Repealed 26 of 1969 s. 5)

   (d)  (Repealed 76 of 1975 s. 3)

   (e)  (Repealed 56 of 1993 s. 2) (Replaced 36 of 1955 s. 6)

(1A) In subsection (1), "net assessable value" (應評稅淨值) means the
assessable value of land or buildings or land and buildings, ascertained in
accordance with section 5B-

   (a)  (Repealed 56 of 1993 s. 2)

   (b)  less-

        (i)    where the owner agrees to pay the rates in respect of the land 
               or buildings or land and buildings, those rates paid by him;
               and

        (ii)   an allowance for repairs and outgoings of 20% of that
               assessable value after deduction of any rates under
               subparagraph (i). (Added 76 of 1975 s. 3. Amended 8 of 1983 s.
               4; 56 of 1993 s. 2)

(1B) The percentage allowance specified in subsection (1A) may be amended by
resolution of the Legislative Council. (Added 76 of 1975 s. 3)

(2) (a) Notwithstanding subsection (1), any corporation carrying on a trade,
profession or business in Hong Kong shall, on application made in writing to
the Commissioner and on proof of the facts to the satisfaction of the
Commissioner, be entitled to exemption from the property tax for any
year of assessment in respect of any land or buildings of land and buildings
owned by the corporation where the corporation would be entitled under
section 25 to a set-off of the property tax which, if exemption were not
granted under this subsection, would be paid by the corporation; and the
property shall be and remain exempted from property tax for each
year of assessment in which the circumstances are such as to qualify the
property for such exemption for that year. (Amended 7 of 1986 s. 12; 56 of
1993 s. 2)

   (b)  (Repealed 56 of 1993 s. 2)

   (c)  Every corporation exempted from property tax under this subsection in
        respect of any land or buildings or land and buildings shall, within
        30 days after the event, notify the Commissioner in writing of any
        change in the ownership or use thereof or in any other circumstances
        affecting such exemption. (Added 35 of 1965 s. 3)

(2A)-(5) (Repealed 56 of 1993 s. 2)

"net assessable value" (應評稅淨值)