Hong Kong income tax service.

Published for members of the Foreign Tax Law Association.
  • 2.41 MB
  • English
, St. Petersburg, Fla
Income tax -- Law and legislation -- China -- Hong


China, Hong

ContributionsForeign Tax Law Association.
LC ClassificationsLAW
The Physical Object
Pagination1 v. (loose-leaf)
ID Numbers
Open LibraryOL5294208M
LC Control Number72020575

Relief Measure: Automatic extension of /19 tax payment deadlines for 3 months Relief Measure: Conditional waiver of surcharges for instalment settlement. The individual income tax percentage in Hong Kong is 15%.

Withholding The withholding tax is a tax that is subtracted at the origin, particularly the one that is levied by a few countries on dividends or interest paid to someone who is a citizen outside that country. Accounting Services Hong Kong and bookkeeping Services Hong Kong for your Hong Kong company can be prepared annually, as the law only requires that the director keep proper records of the bookkeeping.

Having monthly bookkeeping is not part of the mandatory requirement. Individual Income Tax Planning (IIT) We provide these services across our network of offices in Mainland China and Hong Kong to support and add value to businesses and clients.

Description Hong Kong income tax service. PDF

Why Choose LehmanBrown. LehmanBrown has extensive experience in providing tax services to foreign and domestic enterprises, as well as individuals and representative. Pursuant to the Hong Kong Companies Ordinance, the annual financial statements of a Hong Kong limited company must be audited by a Certified Public Accountant.

The audited financial statements must be laid before the shareholders at the Annual General Meeting, and submitted or retained for later submission to the Inland Revenue Department. If you receive chargeable income or incur deductible expenses in foreign currencies, you are required to report an equivalent amount of the income or expense in Hong Kong dollars in your tax return.

Average exchange rates of major currencies for the past six years for salaries tax. Hong Kong Company Formation Services. Hong Kong Remote Incorporation and Online Multi-Currency Business Account – All-Round Package Service (US$1,/HK$8,).

Both corporate and personal tax rates of Hong Kong are considered as one of the lowest in the world. Unlike flat corporate tax rate, Hong Kong’s salary tax rates follow a progressive tax rate system.

There are five marginal tax brackets of 2%, 6%, 10% and 14% and 17%. Charlie Smith for organizing these events and for their thoughts on various aspects of the Hong Kong tax system. The fi rst part of the article is based on my book, Taxation Without Representation: The History of Hong Kong’s Troublingly Successful Tax System (Hong Kong: HKU Press, ).

If an employment is located Hong Kong income tax service. book Hong Kong (SAR), it will be regarded as being a non-Hong Kong (SAR)-located employment and the liability to salaries tax will be limited to tax on income from services rendered in Hong Kong (SAR) plus the attributable leave. Foreign tax credit – Since Hong Kong operates a territorial tax system, under which only income/profits sourced in Hong Kong are taxable, double taxation typically is not an issue in Hong Kong.

Where a tax treaty applies, double taxation generally can be eliminated by tax credits. Participation exemption – No Holding company regime – No. Online Services for Non-Residents. Government Forms for Non-Residents. Government Websites & Officers.

Search All Government. My GovHK Profits Tax for the Self-Employed. Property Tax. Tax Return Filing, Enquiry & Payment. Stamp Duty. Check out Events Calendar of Hong Kong.

The book provides an in-depth analysis of the taxation related issues in Hong Kong, from the implementation of new legislation to the latest departmental notes and current tax cases, as well as international tax topics related to Automatic Exchange of Financial Account Information (“AEol”) promulgated by the Organisation for Economic Co.

Only income which raised in or derived from Hong Kong is subject to corporate tax in Hong Kong. Tax evasion is an illegal method of obtaining a tax benefit. Tax planning is an attempt to obtain a tax benefit by legal means.

Through efficient tax planning, a company/a taxpayer can enjoy maximum tax saving. The income tax in Hong Kong is only imposed on those that are sourced in Hong Kong through an office, employment or pension.

The definition of these three are as follows: This refers to those who earn an income as a director or owner of an office or business in Hong Kong.

Individual Personal Income Tax Services in Hong Kong Hong Kong is no doubt an investment hotspot for global investors to start businesses. Many international companies have set up their regional office or Asia Pacific headquarters in Hong Kong, thus attracting many top-level executives and business leaders to work in the country.

Wolters Kluwer annually published Hong Kong Master Tax Guide which has long been regarded as the leading provider in up-to-date guidance and in-depth analysis on taxation practice in Hong Kong for over two decades.

This 27th edition of the Hong Kong Master Tax Guide /19 provides an overview of the current taxation system in Hong Kong with authoritative references and. Introduction.

Details Hong Kong income tax service. EPUB

Salaries Tax, Profits Tax and Property Tax are the only 3 income taxes imposed in Hong Kong. This section focus on only the Profits Tax involved when an individual, a partnership and an body incorporate (i.e.

company) carrying on business in Hong Kong, for the other fee and duty involved, we are going to talk about it here. In addition, the tax treaty between the PRC and Hong Kong SAR allows the tax authorities to make transfer pricing adjustments for transactions between associated enterprises.

Hong Kong SAR introduced an advance pricing arrangement (APA) programme in April and details are contained inFile Size: 2MB. So, these companies can claim that the trading profits so derived are non-taxable in Hong Kong. Service Income; The Hong Kong company provides services outside of Hong Kong.

If so, then the profits derived from these services rendered would be considered for offshore tax exemption. In fact, several Hong Kong companies appoint service provider. Macao Highlights Other taxes on corporations: Capital duty – No Payroll tax – The employer must withhold tax and social security contributions at source.

Real property tax – Property tax is levied at a rate of 6% of the rental value assessed by the Finance Services Bureau or at 8% of the actual rental income generated.

Withholding tax is the tax charged to a non-resident entity that derives income from a Hong Kong source for services provided or work done in Hong Kong. For tax purposes, non-resident individuals are foreigners who have stayed or worked in Hong Kong for less than days in the tax year.

Hong Kong of the individual under his non-Hong Kong employment would be taken into account in calculating his tax liabilities in Hong Kong under section 8(1A) and 8(1B) of the Inland Revenue Ordinance (IRO).

Travelled to Hong Kong to perform employment services from time to time days in Hong Kong Seconded to work in Hong KongFile Size: 1MB. In fact, World Bank’s Doing Business Report ranks Hong Kong as the world’s lowest tax region. Types of Taxes in Hong Kong.

Hong Kong Government imposes only three direct taxes on individuals and companies, which itself are imposed at very low rates and comes out to be even lower with generous allowances and deductions. These are. A Guide to Corporate Tax in Hong Kong.

Hong Kong’s personal income stands at a comparatively low percentage. This makes it even easier for you to build a team, and manage your finances as an employer. and an auto tax payment service.

Know more. Payment from Overseas. What income is taxable in Hong Kong. Tax in Hong Kong is administered by the Inland Revenue Ordinance (IRO). The way tax is approached in Hong Kong might feel a little unfamiliar. There are different taxes for different sources of income - the tax most closely related to income tax is called salaries tax.

AsiaTax is one of the Hong Kong’s leading tax consulting services, providing progressive intelligent solutions to our client base across Asia.

U.S. Expat Tax filing & Preparation U.S. Tax filing and preparation services for non-resident aliens (foreigners) and American Expats and Greencard holders living in Hong Kong and across Asia.

Hong Kong’s favorable salary tax regime helps to make it an attractive destination for relocation. Capital gains and overseas income are not taxed. Hong Kong’s personal income tax, or salary tax, falls into four brackets: 2%, 7%, 12% and 17%.

Download Hong Kong income tax service. FB2

Hong Kong’s salary taxation regime is transparent and effective while not being onerous. If employed by a Hong Kong entity, standard Hong Kong taxes apply, and income will be subject to double taxation with the Chinese world-wide income tax, ranging from 5% to 45%, though Chinese nationals can apply for a foreign tax credit.

Capital-gains tax: Most gains are taxed at 20%, an exception being Chinese A shares, which are taxed at 10%. Income Tax. Unlike most countries which apply both residential jurisdiction and territorial jurisdiction in determining the tax liability of a person, Hong Kong uses only the territorial source jurisdiction and disregards the concept of residence.

Thus, only profits sourced in Hong Kong would be taxable whereas a person's overseas income will not be taxable. Hong Kong Tax. Income that arises in or is derived from Hong Kong via employment, office or pension are subject to Hong Kong Salaries Tax.

Services rendered in Hong Kong for visits longer than 60 days in any fiscal year are subject to salaries tax, even if the individual is not ordinarily resident in Hong Kong.Salaries tax is a type of income tax that is levied in Hong Kong, chargeable on income from any office, employment and pension for a year of assessment arising in or derived from the territory.

For purposes of calculating liability, the period of assessment is from April 1 to March 31 of the following year. Salaries tax is also charged on the unrealized capital gain of shares or options.Hong Kong - Termination agreement and compensation package It is a common practice to offer a redundancy package for employees when an employer downsizes its headcount.

The common elements of the package would include long term service payment, severance payment, payment in .