Hong Kong operates a territorial tax system: only income sourced in Hong Kong is taxable. Salaries tax is levied on a progressive scale (the first HKD 50,000 at 2%, then 6%, 10%, 14%, and 17% on the remainder), capped at the standard rate: 15% on the first HKD 5 million of net income and 16% on the remainder (from 2024/25). There is no capital gains tax, no VAT/GST, no withholding tax on dividends, and no estate duty. For work visa holders, your employment income is considered Hong Kong-sourced if your services are rendered in Hong Kong. If your employment is located outside Hong Kong, income from services rendered in Hong Kong during visits totalling no more than 60 days in the year of assessment is excluded from tax. Key deductions include mandatory provident fund (MPF) contributions (capped at HKD 18,000 per year), self-education expenses, charitable donations, and home loan interest. The individual tax return (BIR60) must normally be filed within one month of its date of issue.