Taxation of trusts in hong kong michael olesnicky hk trustees association forum 8 december 2014. Hong kong profits tax is a tax levied on the net profits on business companies and individuals (sole proprietors) carrying out business in hong kong will be liable. Hong kong does not impose income tax on individual total income instead, three main types of income, namely business or trading profits, employment or office income. Asiabc offers corporate & personal accounting and tax consultancy services to hong kong, china wfoe & offshore company auditors(cpa) referral is available.
A bleak outlook for hong kong’s economic health was outlined in financial secretary john tsang chun-wah’s ninth budget speech, with growth slowing to between 1 to. The institute was incorporated as a company limited by guarantee on 29th september 1972 by a group of professionals with the major objectives of promoting the study. In hong kong personal income tax is known as salaries tax individuals are only assessed on annual employment income. Tax treaties and related documents between the uk and hong kong. Profits tax is payable by every company carrying on a trade, profession or business in hong kong on profits arising in or derived from hong kong from that trade. Lexispsl hong kong dispute resolution - costs providing practical guidance, forms and precedents on taxation of costs.
Will moving to hong kong affect your us expatriate tax return learn about tax filing requirements, due dates, and exclusions in hong kong. Income tax and tax declaration in hong kong: hong kong has one of the lowest tax rates in asia and in the world only local salaries, business profits and property.
Tax treaties may allow residents of foreign countries to be taxed at a reduced rate, or to be exempt from us income taxes on certain items of income they receive. Information on type of taxes and current tax rates in hong kong hong kong territorial source principle of taxation only profits which have a source in hong kong. A tesla representative told business insider that the company was not dependent on tax concessions for its livelihood.
Suspension of service for filing of tax return - individuals through etax (press release - january 25.
Note: the maximum tax is subject to the 15% standard rate for income without personal deductions and credits corporate tax: hong kong corporate tax rate for 2017 is. Are you in need of advice on hong kong income tax our expat guide gives you an overview of how hong kong income tax works and how to file your tax returns. A publication of deloitte touche tohmatsu limited taxation and investment in hong kong 2016 reach, relevance and reliability. Hong kong tax alert consultation report on beps lays out the foundation for hong kong’s transfer pricing regime summary the hong kong government. Investhk provides free and customised services to help overseas companies to set up and expand in hong kong to explore business opportunities in hong kong, contact. All five questions are compulsory and must be attempted 1 damon cha is employed as a project manager with real estate development ltd (redl), a hong kong company.
Taxation in hong kong is based on the territorial source principle hong kong companies only pay tax on profits sourced in hong kong and the rate of taxation. Uk/hong kong double taxation agreement and protocol signed 21 june 2010 entered into force 20 december 2010 effective in the united kingdom from 1 april 2011 for. How your salary is taxed: tax on salary is not deducted at source in hong kong employees need to complete a tax declaration detailing earnings at the end of each. Income derived outside hong kong is generally exempt from tax in the case of a financial institution carrying on business in hong kong. This tax newsletter is prepared by deloitte china’s tax service in hong kong sar, aiming to give readers a quick update on news about the tax practices and. Hong kong taxation explained by unitrust capital corp hong kong company pays no taxes on income and profits from offshore activities tax-free hong kong companies.Download Hk taxation