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…
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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…
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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…
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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.…
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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.…
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Fifth Protocol Arrangement to Avoid Double Taxation New Arrangement Between Hong Kong and the Mainland Effectively Enforced Hong Kong and the Mainland have reached a new arrangement with the Fifth Protocol. This will be implemented in the Avoidance of Double Taxation Arrangement. The arrangement was signed in July 2019. As part of the new…
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New Tax Concessions for Hong Kong – One-time Offer for Taxpayers A new tax bill was passed by the Hong Kong Legislative Council and gazetted on 15 November 2019. It will offer tax concessions to as many as 1.91 million taxpayers. In addition, the bill will also benefit 145,000 tax-paying corporations and unincorporated businesses. These…
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HKSAR and Mainland China Signed Fifth Protocol Arrangement Hong Kong has signed the Fifth Protocol to Arrangement with Mainland China to avoid double taxation. The agreement is between the Hong Kong Special Administrative Region (HKSAR) Mainland China. The agreement is set to deliver some tax relief to eligible teachers and researchers based in Hong Kong…
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Filing Your Tax Return On Time in Hong Kong to Inland Revenue Department (IRD) The Inland Revenue Department (IRD) Hong Kong requires taxpayers in Hong Kong to file their tax returns within one month from the date of issues of the returns. The 2018/19 tax returns were issued to taxpayers in Hong Kong on 2…
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