Enterprises or individuals having sustained significant losses from Typhoon Hato may apply for tax deductions at the Hengqin Local Taxation Bureau, the area's administrative committee has announced.
Hengqin enterprises damaged by force majeures such as natural disasters are eligible for pre-tax deductions after making declaration to tax authorities.
Those who made charitable donations for post-typhoon reconstruction are allowed a deduction in the calculation of taxable income if the amount is less than 12 percent of total annual revenue. Otherwise, the excessive part will be deducted over the next three tax years.
As for individuals, those who sustained great losses in the typhoon will receive individual income tax relief upon approval.
Deducted will be that part of charitable contributions that does not exceed 30 percent of the taxable income declared by the individual taxpayer.
Furthermore, dilapidated houses badly damaged by the typhoon will be exempt from property tax from the moment they became uninhabitable. A temporary tax exemption will be granted to those that undergo renovations for more than half a year.
Hengqin New Area [Photo courtesy Zhuhai Daily]