Consensus Focuses on the International Tax Reform Framework’s Key Principles Hong Kong welcomes the consensus on tax reform reached by the international community. The consensus focus on the international tax reform framework’s key principles. The reform was announced on 1 July by the Organisation for Economic Co-operation & Development. They identified it as the international…
Details
Innovative Technology Can Boost Both R&D Institutions and Enterprises The fourth industrial revolution was said to be the catalyst for organisations to take up innovation and technology (I&T). Organisations of every size, especially enterprises are encouraged to take up relevant research and development (R&D) to increase their respective uses of I&T. Some countries may have…
Details
Hong Kong Expands Tax Treaty Network With Georgia Hong Kong is widely known for its low tax regime and makes an intentional effort to keep things that way. Thus, it is logical that when Hong Kong opens its trade to other nations, low tax is what keeps overseas companies staying put in the special administrative…
Details
Hong Kong and Serbia Came Together to Sign Double Taxation Avoidance Pact The Secretary for Financial Services and the Treasury of Hong Kong has signed a comprehensive avoidance of double taxation agreement (CDTA) with Serbia on behalf of the Hong Kong Special Administrative Region Government. The avoidance of double taxation agreement signifies the Government’s efforts…
Details
New Amendments Will Affect the Allotment and Redemption of Shares Hong Kong’s Stamp Duty Ordinance comes into effect on 1 August 2020. It is an Amendment of Schedule 8 Regulation 2020. With the changes, stamp duty will be exempted on the purchase and sale of stocks in Hong Kong. This applies to stock that involves…
Details
The Legislative Council in Hong Kong Releases New Bill to Reduce Profits Tax The government of Hong Kong passed the Inland Revenue (Amendment) (Profits Tax Concessions for Insurance-related Businesses) Bill 2019 previously on the 15th of July 2020. The Legislative Council approved bill would introduce interesting tax rates for eligible profits derived from the various…
Details
Tax Concessions Bill Passed for Insurance-related Businesses in Hong Kong The passage of the Inland Revenue (Amendment) (Profits Tax Concessions for Insurance-related Businesses) Bill 2019 by the Legislative Council on July 2020 was welcomed by the Secretary for Financial Services & the Treasury. Details of the New Bill The ordinance will serve as an…
Details
Taxpayers Must File Hong Kong 2019/20 Taxes on Time Complete Your Hong Kong Tax Returns Before the 2 July Deadline All individuals were issued with their Hong Kong 2019/20 on 1 June 2020. Taxpayers must file and complete their returns by the 2 July 2020 deadline. All income tax returns should be completed and…
Details
Hong Kong – Macau CDTA (Comprehensive Avoidance of Double Taxation Arrangement) For years, Hong Kong and Macau residents have earned income across the border and have to pay tax twice. Hong Kong and Macau are both Special Administrative Region of Mainland China. Recently, Hong Kong signed a comprehensive avoidance double tax arrangement with the Mainland.…
Details
Extension of Hong Kong Tax Payment Deadlines by Three Months The Hong Kong Government has announced that there will be an extension of three months for tax payment deadlines. This will apply to salaries tax, personal assessment and profits tax for the year of assessment 2018/19 which fall between April to June of this year.…
Details