PRO CJ CORONA poh!

[monroy]

---

^ No need to reform the constitution, just reform the tax code. After KLM pulled out of the country because of the oppressive common carrier tax, the government was pressured to file bills to remove the CCT. Taxpayers need to be more aggressive in fighting for lower taxes and we need more candidates who come out and say they are against high taxes so we can vote for them. Too bad there are no candidates like that around because all lawmakers are for higher taxes as this funds their pork barrel/dollar bank accounts. The first step to reforming the tax code therefore should be to remove the pork barrel.

[voldemort]

Nara bro: Hong Kong Taxation


Individual

The standard rate of Salaries Tax is 15%. (Vs Philippines 32% top bracket rate)

Corporate

The normal rate of Profits Tax is 16.5% for corporations and 15% for unincorporated businesses. (Philippines - 30%)

Capital gains

Hong Kong does not levy capital gains tax. (Philippines - 8%)

Indirect Taxes

Hong Kong does not levy value-added tax (VAT), goods and services tax (GST) or sales tax. (Philippines 12%)

Other Taxes

Estate Tax was abolished in 2005. (Philippines - up to 20% this is considered one of the most oppressive taxes around, some poor people lose their house because they don't have enough cash in the bank to pay for this and on top of it all consider that this tax is levied after a family member has died makes this tax one of the most immoral tax levied by the government)


Stamp duty on immovable property is charged at rates up to 4.25%, depending on the sale or transfer price of the property. However, to curb property speculation, the government introduced a Special Stamp Duty (SSD) on residential property in November 2010. Further measures to discourage speculation in the property market have not been ruled out by the government.

Withholding Taxes

There are no domestic withholding taxes on dividends, interest or royalties. (Philippines - 20%)

Kung boot gyud kwentahon bai, daghan gyud unta kaayo ug kwarta ang Pinas pero tua sa mga kawatan sa Gobyerno.