26 April 2023 The Inland Revenue Department has decided to extend the due date for filing 2022/23 Profits Tax returns with Accounting Date Code ‘N’ (i.e. accounting date falls within 1 April 2022 to 30 November 2022) from 3 May 2023 to 17 May 2023. Despite this extension, taxpayers…
27 Feb 2023 The Financial Secretary Mr. Paul Chan Mo-po delivered the 2023/24 Budget speech on 22 February 2022 as summarized below: Supporting enterprises Reduce profits tax for 2022/23 assessment year by 100%, subject to a HK$6,000 ceiling Increase tax deduction for voluntary contributions made by employers to the…
6 Feb 2023 Tax Concessions for Family-owned Investment Holding Vehicles The Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022 (the Amendment Bill) was gazetted on December 9, 2022 and is subject to scrutiny by the Legislative Council. Under the concessionary regime, profits tax concessions are…
25 October 2022 Hong Kong is strategically located at the heart of Asia. The business-friendly environment, low taxes, rule of law, free economy and modern infrastructure make Hong Kong an ideal place to invest or to do business. Why Hong Kong Simple taxation system No estate tax No capital gains tax (China: 25%)…
25 Feb 2022 The Financial Secretary Mr. Paul Chan Mo-po delivered the 2022/23 Budget speech on 23 February 2022. The budget proposals will need approval by the Legislative Council before taking effect. Supporting Enterprises Reduce profits tax for 2021/22 assessment year by 100%, subject to a HK$10,000 ceiling Waive business…
28 Jul 2021 With a view to addressing the base erosion and profit shifting (BEPS) risks arising from the digitalisation of economy, the Organisation for Economic Co-operation and Development (OECD) on July 1, 2021, issued a “Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation…
