[Ans: Hong Kong personal assessment allows an individual taxpayer to be elect to be assessed to tax on his or her total income as opposed to being assessed under the separate hears of taxation (i.e. property tax, salaries tax, and profits tax).
In certain circumstances, a taxpayer’s liability to tax under personal assessment, calculated upon a computation of his or her total income, will be less than his or her overall tax liability if he or she is assessed separately under individual heads of taxation.]
[Ans: Sole proprietorship are taxed at the rate of 15% on their assessable profits. The taxpayer should make tax reporting on their assessable profits by completing Part 5 of Tax Return – Individuals (B.I.R. 60). The tax return must be filed with the Inland Revenue Department on an annual basis.]