Hong Kong's top earner in 2004- 05 paid 18 million Hong Kong (2.3 million US dollars) in salaries tax, the Inland Revenue Department said Friday, adding the top earner for profits tax paid 1.54 billion HK dollars (197.4 million US dollars).

According to the department's figures, the amount of tax paid by the top 10 salaries taxpayers ranged from 11 million HK dollars to 18 million HK dollars while the amount of tax paid by the top 10 profits taxpayers range from 420 million HK dollars to 1.54 billion HK dollars.

The department said the amounts of tax paid by a few taxpayers were particularly high, probably because they were in receipt of income other than salaries. Bonuses, commissions, allowances and share option gains also form part of a taxpayer's assessable income.

Up to Feb. 28 in the financial year 2004-05, the total salaries tax assessed was 35.9 billion HK dollars, up 23 percent over the total of 29.1 billion HK dollars for the corresponding period in 2003-04.

The total profits tax assessed for the same 11-month period was 57.7 billion HK dollars, up 19 percent over the total of 48.3 billion HK dollars in the previous year.

Despite the adverse impact of the SARS outbreak in early 2003- 04, business profits for the year recorded a handsome growth. The actual salaries tax and profits tax collections for the whole year 2004-05 will be announced when the year-end accounts are finalized later this month.

Source: Xinhua