HKSAR Budget Summary
|
|
- Noreen Waters
- 6 years ago
- Views:
Transcription
1 HKSAR Budget Summary
2 HKSAR Budget Summary The Financial Secretary of the Hong Kong SAR Government, the Honourable Mr. Paul Chan Mo-po delivered the Budget Speech in the Legislative Council on 28 February Economic performance of Hong Kong in 2017 In terms of economic performance, the Gross Domestic Product grew by 3.8% year-on-year in real terms, higher than the average trend growth for the past 10 years. The unemployment rate averaged at a low level of 3.1% for 2017 as a whole, while the average headline inflation for 2017 was 1.5% as measured by the Composite Consumer Price Index. Estimates for The Financial Secretary estimates the operating expenditure for to be HK$441.5 billion and capital expenditure to be HK$116.4 billion. The total Government expenditure for is estimated to be HK$557.9 billion, an increase of 17.6% over the revised estimate for The total Government revenue for is expected to be HK$604.5 billion. The Financial Secretary forecasts a surplus of HK$46.6 billion in the Consolidated Account in the coming year. The fiscal reserves are estimated to be HK$1,138.6 billion by the end of March Potential tax-related developments Propose to extend the scope of tax exemption from debt instruments with an original maturity of not less than 7 years to instruments of any duration. Review the existing tax concession arrangements applicable to the fund industry with regard to international requirements on tax co-operation. Amend the Inland Revenue Ordinance to extend the coverage of profits tax concession to specified treasury services provided by qualifying corporate treasury centres to all their onshore associated corporations. Plan to introduce tax concession to (i) contributions made to deferred annuity products and (ii) voluntary contributions made to the Mandatory Provident Fund. Propose to provide a tax deduction for people who purchase eligible health insurance products for themselves or dependents under the Voluntary Health Insurance Scheme introduced by the Food and Health Bureau. Propose to enhance tax concessions for capital expenditure incurred by enterprises in procuring eligible energy efficient building installations and renewable energy devices by allowing tax deduction to be claimed in full in 1 year instead of the current time frame of 5 years. Highlights Profits Tax A one-off tax reduction of 75% of profits tax for , subject to a ceiling of HK$30,000 Confirm the introduction of a two-tiered profits tax rates regime (Click here for details) Confirm the implementation of a tax deduction for R&D expenditure from 100% to up to 300% (i.e. the first HK$ 2 million of qualifying R&D expenditure would enjoy a 300% tax deduction with the remainder at 200%) Salaries Tax A one-off tax reduction of 75% of salaries tax and tax under personal assessment for , subject to a ceiling of HK$30,000 Widen the tax bands for salaries tax from HK$45,000 to HK$50,000 Increase the number of tax bands from four to five and marginal tax rates are adjusted to 2%, 6%, 10%, 14% and 17% The following allowances / deduction have been increased:- - Basic and additional child allowance - Basic and additional dependent parent / grandparent allowances - Deduction ceiling for elderly residential care expenses Introduce personal disability allowance Relax the requirement for making election jointly of personal assessment if both husband and wife have income assessable to tax Other Levies Rates for to be waived for the four quarters, subject to a ceiling of HK$2,500 per quarter for each rateable tenement Decide to continue waiving in full the first registration tax (FRT) for electric commercial vehicles, electric motor cycles and electric motor tricycles until 31 March Launch a "one-for-one replacement" scheme to allow eligible private car owners who buy a new electric private car and scrap an eligible private car they own to enjoy a higher FRT concession of up to $HK250,000 with immediate effect.
3 1. Salaries Tax Personal tax allowances and deductions: Basic allowances : Single person s allowance Married person s allowance Additional allowances : Child - Basic - Additional (in the year of birth) Dependent parent / grandparent: a. Aged 55 to 59 - Basic - Additional (1) b. Aged 60 or above - Basic - Additional (1) Dependent brother / sister (2) Single parent Disabled dependent Personal disability allowance Additional deductions : Self-education expenses (3) Home loan interest (4) Elderly residential care expenses Contributions to retirement schemes Approved charitable donations (5) Notes: HK$ 132, ,000 23,000 23,000 46,000 46,000 37, ,000 75,000-92,000 18,000 35% HK$ 132, , , ,000 25,000 25,000 50,000 50,000 37, ,000 75,000 75,000 18,000 35% (1) For dependent living with taxpayer. (2) For whom no child allowance is being claimed. (3) The maximum amount that can be claimed as deductible expense for training courses attended at approved institutions. (4) The entitlement period for tax deduction is 20 years. (5) The maximum deduction allowable is restricted to 35% of the taxpayer s assessable income after deduction of allowable expenses and depreciation allowance.
4 Standard salaries tax rates: and Standard tax rates 15% Progressive salaries tax rates: Net Chargeable Income Tax rate Net Chargeable Income Tax rate First HK$45,000 2% Next HK$45,000 7% Next HK$45,000 12% Remainder 17% First HK$50,000 2% Next HK$50,000 6% Next HK$50,000 10% Next HK$50,000 14% Remainder 17% 2. Profits Tax Business Category and Unincorporated Business Corporation 15% 16.5% 3. Property Tax Taxpayer and Property Owner 15%
5 4. Stamp Duty Shares transactions: Nature of Document and Contract Note for sale or purchase of any Hong Kong stock Transfer operating as a voluntary disposition inter vivos Transfer of any other kind 0.1% of the amount of the consideration of its value on every sold note and every bought note HK$ % of the value of the stock HK$5 * Effective from 13 February 2015, stamp duty is waived for the transfer of shares or units of all exchange traded funds. Property transactions: i. Ad Valorem Stamp Duty ( AVD ) Currently, Hong Kong operates two sets of AVD rates, namely Scale 1 rates and Scale 2 rates, which apply to certain instruments of transfer of immovable property in Hong Kong. The Stamp Duty (Amendment) (No. 2) Ordinance 2014 ( 2014 (No. 2) Amendment Ordinance ), which was gazetted on 25 July 2014, provides that AVD payable on certain instruments executed on or after 23 February 2013 in respect of the sale and purchase or transfer of immovable property shall be computed at Scale 1 rates, unless specifically exempted or provided otherwise. The major exception, amongst others, is where the property is a residential property, and the purchaser/transferee is a Hong Kong permanent resident ( HKPR ) who is acting on his/her own behalf and does not own any other residential property in Hong Kong at the time of acquisition. In such case, the instrument will be subject to AVD at Scale 2 rates. Under the Stamp Duty (Amendment) Ordinance 2018 ( 2018 Amendment Ordinance ) which was gazetted on 19 January 2018, AVD Scale 1 rates are divided into Part 1 (i.e. a flat rate of 15%) and Part 2 (i.e. the original Scale 1 rates under the 2014 (No. 2) Amendment Ordinance) with effect from 5 November The 2018 Amendment Ordinance provides that any instruments of residential property executed on or after 5 November 2016 in respect of the sale and purchase or transfer of residential property, unless specifically exempted or provided otherwise, will be subject to AVD at the rate under Part 1 of Scale 1 rates, i.e. a flat rate of 15% of the consideration or value of the residential property, whichever is the higher. Part 1 of Scale 1, however, does not apply to an instrument of residential property where the purchaser/transferee is a HKPR acting on his/her own behalf and does not own any other residential property in Hong Kong at the time of acquisition of the subject property. In such case, the instrument will be subject to AVD at Scale 2 rates. Unless specifically exempted or otherwise provided, Part 2 of Scale 1 rates is applicable to instruments of residential property executed on or after 23 February 2013 but before 5 November Furthermore, Part 2 of Scale 1 rates is also applicable to instruments of transfer of non-residential property executed on or after 23 February 2013.
6 A summary of the AVD rates is as follows:- Scale 1 rates: Part 1 of Scale 1 rates: A flat rate of 15% of the consideration or value of the property (whichever is the higher) (Applicable to instruments of residential property executed on or after 5 November 2016). Part 2 of Scale 1 rates: Sales consideration or value of the property (whichever is the higher) Rate (Applicable to instruments of residential property executed on or after 23 February 2013 but before 5 November 2016 and instruments of non-residential property executed on or after 23 February 2013) Up to HK$2,000,000 HK$2,000,001 to HK$2,176,470 HK$2,176,471 to HK$3,000,000 HK$3,000,001 to HK$3,290,330 HK$3,290,331 to HK$4,000,000 HK$4,000,001 to HK$4,428,580 HK$4,428,581 to HK$6,000,000 HK$6,000,001 to HK$6,720,000 HK$6,720,001 to HK$20,000,000 HK$20,000,001 to HK$21,739,130 Exceeding HK$21,739, % HK$30, % of excess over HK$2M 3.00% HK$90, % of excess over HK$3M 4.50% HK$180, % of excess over HK$4M 6.00% HK$360, % of excess over HK$6M 7.50% HK$1,500, % of excess over HK$20M 8.50% Scale 2 rates: Sales consideration or value of the property (whichever is the higher) Rate (with effect from 1 April 2010) Up to HK$2,000,000 HK$2,000,001 to HK$2,351,760 HK$2,351,761 to HK$3,000,000 HK$3,000,001 to HK$3,290,320 HK$3,290,321 to HK$4,000,000 HK$4,000,001 to HK$4,428,570 HK$4,428,571 to HK$6,000,000 HK$6,000,001 to HK$6,720,000 HK$6,720,001 to HK$20,000,000 HK$20,000,001 to HK$21,739,120 Exceeding HK$21,739,120 HK$100 HK$ % of excess over HK$2M 1.50% HK$45, % of excess over HK$3M 2.25% HK$90, % of excess over HK$4M 3.00% HK$180, % of excess over HK$6M 3.75% HK$750, % of excess over HK$20M 4.25%
7 ii. Special Stamp Duty ( SSD ) With effect from 20 November 2010, any residential property acquired on or after 20 November 2010, either by an individual or a company (regardless of where it is incorporated), and resold within 24 months (the property was acquired on or after 20 November 2010 and before 27 October 2012) or 36 months (the property was acquired on or after 27 October 2012), will be subject to a SSD. SSD is calculated by reference to the stated consideration or the market value of the property (whichever is the higher), at the following rates for different holding periods of the property by the seller or transferor before disposal Holding period The property was acquired on or after 20 November 2010 and before 27 October 2012 The property was acquired on or after 27 October months or less More than 6 months but for 12 months or less More than 12 months but for 24 months or less More than 24 months but for 36 months or less 15% 10% 5% - 20% 15% 10% 10% iii. Buyer s Stamp Duty ( BSD ) With effect from 27 October 2012, unless specifically exempted, BSD is payable on an agreement for sale or a conveyance on sale executed for the acquisition of any residential property. BSD is charged at 15% on the stated consideration or the market value of the property (whichever is the higher). Leasing transactions: Leasing period and Not defined or is uncertain Specified in the lease as not exceeding 1 year Exceeding 1 year but not exceeding 3 years Exceeding 3 years 0.25% 0.25% 0.50% 1.00%
8 The above information is mainly extracted from the website of the The Hong Kong Budget. Please visit or contact our PKF Tax and Business Consultants Limited for further details. Information included in this publication is for general reference only. It is not intended to be used, and cannot be used, for avoiding tax and penalty that may be imposed by any tax authorities. Before conducting business and tax plan, professional advice is always recommended. PKF consists of over 400 offices, operating in 150 countries across five regions. We specialise in providing high quality audit, accounting, tax, and business advisory solutions to international and domestic organisations in all our markets. PKF Tax and Business Advisory provides comprehensive tax and business advisory services in respect of the International, Hong Kong and China tax regime. David Cho Tax Partner Henry Fung Senior Tax Manager Candice Ng Tax Manager linkedin.com/company/pkf-hong-kong/ 2018 PKF Hong Kong Limited All Rights Reserved PKF Hong Kong Limited is a member firm of the PKF International Limited family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms.
2017/18 Hong Kong Budget Summary
Hong Kong Budget Summary www.moorestephens.com.hk Hong Kong Budget Summary Highlights Profits Tax A one-off tax reduction of 75% of profits tax for, subject to a ceiling of 20,000 Salaries Tax A one-off
More informationSYNOPSIS OF HONG KONG 2015/16 BUDGET
PKF Tax and Business Consultants Limited 大信梁學濂稅務及商務咨詢有限公司 Tax & Business Consultants SYNOPSIS OF HONG KONG 2015/16 BUDGET 25 February 2015 A. ECONOMIC REVIEW AND OUTLOOKS Economic forecast indicator GDP
More informationSNAPSHOTS OF HONG KONG BUDGET 2018/2019
SNAPSHOTS OF HONG KONG BUDGET 2018/2019 The Financial Secretary of the Hong Kong Special Administrative Region, Mr Paul Chan delivered the 2018/19 Budget speech on 28 February 2018. Having another year
More informationSNAPSHOTS OF HONG KONG BUDGET 2019/2020
SNAPSHOTS OF HONG KONG BUDGET 2019/2020 The Finance Secretary Mr. Paul Chan delivered his budget speech on 27 February 2019 against the backdrop of a significant fall in Hong Kong s fiscal surplus in 2018.
More informationSYNOPSIS OF HONG KONG 2010/11 BUDGET
SYNOPSIS OF HONG KONG 2010/11 BUDGET [ Tax & Business Advisory Division ] A. HIGHLIGHT OF FINANCIAL INDICATORS IN HONG KONG Economic outlook is cautiously optimistic. Uncertainties and potential pitfalls
More information2018/19 HKSAR Budget Commentary. Sarah Chan / Alfred Chan March 1, 2018
2018/19 HKSAR Budget Commentary Sarah Chan / Alfred Chan March 1, 2018 Contents Statistics in 2018/19 Budget Relief Measures for Individuals Relief Measures for Businesses Overall Comments Tax Tips 2018.
More informationHong Kong. Investment basics. Currency Hong Kong Dollar (HKD) Foreign exchange control
Hong Kong Linda Ng Director Tel: +1 212 436 2764 ling@deloitte.com Investment basics Currency Hong Kong Dollar (HKD) Foreign exchange control Accounting principles/financial statements Hong Kong Financial
More informationHong Kong Tax Guide 2018/19.
Hong Kong Tax Guide 2018/19 www.bakertillyhk.com Hong Kong Tax Guide 2018 / 19 2 Taxation in Hong Kong Hong Kong imposes three direct taxes for a year of assessment which ends on 31 March. The taxes are
More informationPaper P6 (HKG) Advanced Taxation (Hong Kong) Thursday 7 December Professional Level Options Module
Professional Level Options Module Advanced Taxation (Hong Kong) Thursday 7 December 2017 Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A BOTH questions are
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS International Qualifying Scheme Examination HONG KONG TAXATION JUNE 2011 Time allowed 3 hours
More informationInternational Tax Singapore Highlights 2018
International Tax Singapore Highlights 2018 Investment basics: Currency Singapore Dollar (SGD) Foreign exchange control There are no significant restrictions on foreign exchange transactions and capital
More informationTHE UNIVERSITY OF HONG KONG LIBRARIES. Hong Kong Collection. gift from Mr. Y.C. Wan
THE UNIVERSITY OF HONG KONG LIBRARIES Hong Kong Collection gift from Mr. Y.C. Wan > Section 3 Re Part 4 value of places of residence provided; (see item (h) of Note 2 on pages
More informationPaper P6 (HKG) Advanced Taxation (Hong Kong) Thursday 7 June Professional Level Options Module
Professional Level Options Module Advanced Taxation Thursday 7 June 2018 P6 HKG ACCA Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A BOTH questions are compulsory
More informationThe Financial Secretary, Mr. John Tsang, delivered the Budget Speech at the Legislative Council on 23 February 2011.
TAX FLASH July 2010 TAX FLASH FEBRUARY 2011 THE 2011-12 BUDGET The Financial Secretary, Mr. John Tsang, delivered the 2011-12 Budget Speech at the Legislative Council on 23 February 2011. In this Tax Flash,
More informationPaper P6 (HKG) Advanced Taxation (Hong Kong) Friday 7 December Professional Level Options Module
Professional Level Options Module Advanced Taxation (Hong Kong) Friday 7 December 2012 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A
More informationMODULE 2.04 HONG KONG OPTION
THE ADVANCED DIPLOMA IN INTERNATIONAL TAXATION June 2018 MODULE 2.04 HONG KONG OPTION SUGGESTED SOLUTIONS PART A Question 1 Part 1 According to Article 7 of the China-Hong Kong Avoidance of Double Taxation
More informationHong Kong. The 2016/17 budget. Profits tax. Salaries tax
Hong Kong The 2016/17 budget The Financial Secretary delivered the 2016/17 budget on 24 February 2016. The tax and one-off relief measures proposed in the budget are summarised below. Profits tax The profits
More informationPaper P6 (HKG) Advanced Taxation (Hong Kong) Thursday 8 June Professional Level Options Module
Professional Level Options Module Advanced Taxation (Hong Kong) Thursday 8 June 2017 Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A BOTH questions are compulsory
More informationPaper F6 (HKG) Taxation (Hong Kong) Monday 1 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (Hong Kong) Monday 1 December 2008 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax
More informationAccounting Technician Examinations. Pilot Examination Paper. Level II. Paper 5 Hong Kong Taxation. Questions Suggested Answers and Marking Scheme
香港專業會計員 會 THE HONG KONG ASSOCIATION OF ACCOUNTING TECHNICIANS (Incorporated with Limited Liability) Unit A, 7/F, Fortis Bank Tower, 77-79 Gloucester Road, Wanchai, Hong Kong. Accounting Technician Examinations
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS International Qualifying Scheme Examination HONG KONG TAXATION DECEMBER 2011 Suggested Answer
More informationQualification Programme Examination Panelists Report. Module D Taxation (June 2016 Session)
Qualification Programme Examination Panelists Report Module D Taxation (June 2016 Session) (The main purpose of the following report is to summarise candidates common weaknesses and make recommendations
More informationTX HKG. Taxation Hong Kong (TX HKG) Applied Skills. Tuesday 4 December The Association of Chartered Certified Accountants TX HKG ACCA
Applied Skills Taxation Hong Kong (TX HKG) Tuesday 4 December 2018 TX HKG ACCA Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions are compulsory
More informationMODULE 2.04 HONG KONG OPTION
THE ADVANCED DIPLOMA IN INTERNATIONAL TAXATION June 2018 MODULE 2.04 HONG KONG OPTION ADVANCED INTERNATIONAL TAXATION (JURISDICTION) TIME ALLOWED 3¼ HOURS This paper has three parts: Part A, Part B and
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS International Qualifying Scheme Examination HONG KONG TAXATION JUNE 2011 Suggested Answers The
More informationPaper F6 (HKG) Taxation (Hong Kong) Monday 6 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (Hong Kong) Monday 6 June 2011 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates
More informationPaper P6 (HKG) Advanced Taxation (Hong Kong) Monday 1 June Professional Level Options Module. The Association of Chartered Certified Accountants
Professional Level Options Module Advanced Taxation (Hong Kong) Monday 1 June 2009 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A BOTH
More informationTax Analysis. Specific industry positioning. Hong Kong Tax. Tax Issue H50/ February 2013
Tax Issue H50/2013 27 February 2013 Tax Analysis Hong Kong Budget Team: Hong Kong Tax Hong Kong SAR Yvonne Law Tax Managing Eminence & Business Development Tel: +852 2852 1667 Email: yvolaw@deloitte.com.hk
More informationDOING BUSINESS IN HONG KONG
DOING BUSINESS IN HONG KONG CONTENTS 1 Introduction 3 2 Business environment 4 3 Foreign Investment 9 4 Setting up a Business 12 5 Labour 13 6 Taxation 15 7 Accounting & reporting 25 8 UHY Representation
More informationHONG KONG BUDGET SUMMARY
HONG KONG BUDGET SUMMARY 2013-2014 kpmg.com/cn TAX 2012 Tax Service Provider of the Year 2012 Best Tax Advisor Hong Kong a new administration and a new way forward? The global business community has experienced
More informationPaper F6 (HKG) Taxation (Hong Kong) Thursday 7 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (Hong Kong) Thursday 7 December 2017 Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions are compulsory
More informationATX HKG. Advanced Taxation Hong Kong (ATX HKG) Strategic Professional Options. Tuesday 4 December 2018
Strategic Professional Options Advanced Taxation Hong Kong (ATX HKG) Tuesday 4 December 2018 ATX HKG ACCA Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A BOTH
More informationPaper F6 (HKG) Taxation (Hong Kong) Thursday 9 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (Hong Kong) Thursday 9 June 2016 Time allowed Reading and planning: 15 minutes Writing: 3 hours This question paper is divided into two sections: Section A ALL
More informationAccredited Accounting Technician Examination
Accredited Accounting Technician Examination Pilot Examination Paper Paper 5 Principles of Taxation Questions & Answers Booklet The Suggested Answers given in this booklet are purposely made to give more
More informationFOREWORD. Hong Kong. Services provided by member firms include:
2016/17 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are
More informationProfessional Level Options Module, Paper P6 (HKG)
Answers Professional Level Options Module, Paper P6 (HKG) Advanced Taxation (Hong Kong) December 2017 Answers Cases are given in the answers for educational purposes. Unless specifically requested, candidates
More informationA BRIEF GUIDE TO TAXES ADMINISTERED BY THE INLAND REVENUE DEPARTMENT
INFORMATION PAMPHLET A BRIEF GUIDE TO TAXES ADMINISTERED BY THE INLAND REVENUE DEPARTMENT 2003-2004 INLAND REVENUE DEPARTMENT THE GOVERNMENT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION Inland Revenue
More informationTax Rates & Allowances are provided for reference and are contained in this question paper from Page 3 to Page 7.
CERTIFIED TAX ADVISER QUALIFYING EXAMINATION 2010 PAPER 1 HONG KONG TAX THURSDAY, 21 OCTOBER 2010 (MORNING SESSION) Time allowed: Three hours Tax Rates & Allowances are provided for reference and are contained
More informationProfessional Level Options Module, Paper P6 (HKG)
Answers Professional Level Options Module, Paper P6 (HKG) Advanced Taxation (Hong Kong) June 2016 Answers Cases are given in the answers for educational purposes. Unless specifically requested, candidates
More informationHong Kong SAR Tax Profile
o Hong Kong SAR Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: July 2016 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation
More informationPAPER 2.04 HONG KONG OPTION
THE ADVANCED DIPLOMA IN INTERNATIONAL TAXATION June 2017 PAPER 2.04 HONG KONG OPTION ADVANCED INTERNATIONAL TAXATION (JURISDICTION) TIME ALLOWED 3¼ HOURS This paper has three parts: Part A, Part B and
More informationHong Kong Taxation. Law and Practice Edition. Ayesha Macpherson Lau Garry Laird. The Chinese University Press
Hong Kong Taxation Law and Practice 2013-14 Edition Ayesha Macpherson Lau Garry Laird The Chinese University Press Acknowledgement Preface to 2013-14 Edition Abbreviations Latin Words and Phrases Table
More informationUNIVERSITY OF HONG KONG LIBRARIES
UNIVERSITY OF HONG KONG LIBRARIES Inland Revenue Department Hong Kong A BRIEF GUIDE TO TAXES ADMINISTERED BY THE INLAND REVENUE DEPARTMENT This pamphlet is issued for the general information of persons
More informationPre-Budget Brief Singapore
Pre-Budget Brief 2018 Singapore Contents Economic indicators 1 Economic trends 2 Singapore tax rates a history 3 Co rporate tax Prevailing corporate income tax rates in selected countries 5 as at 1 January
More informationSINGAPORE TAX FACTS 2018
SINGAPORE AUDIT. TAX. ADVISORY. SINGAPORE TAX FACTS 2018. INDIVIDUAL INCOME TAX CORPORATE INCOME TAX WITHHOLDING TAXES GOODS AND SERVICES TAX STAMP DUTY 2 INDIVIDUAL INCOME TAX BASIS OF TAXATION Singapore
More informationDoing Business in Hong Kong
Doing Business in Hong Kong This document describes some of the key commercial and taxation factors that are relevant on setting up a business in Hong Kong. Prepared by AMA CPA Limited 2 Doing Business
More informationHong Kong SAR Tax Profile
o Hong Kong SAR Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation
More informationFundamentals Level Skills Module, Paper F6 (HKG)
Answers Fundamentals Level Skills Module, Paper F6 (HKG) Taxation (Hong Kong) December 207 Answers and Marking Scheme Cases are given in the answers for educational purposes. Unless specifically requested,
More informationMacau SAR Tax Profile
Macau SAR Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: July 2016 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 5 3 Indirect
More informationCorporate Income Tax. Withholding Tax. Basis of Taxation. Exemptions. Corporate Tax Rebate (Temporary) Residence. Dividends 0 15*
SINGAPORE TAX FACTS Corporate Income Tax Basis of Taxation Singapore taxes businesses on a preceding year basis on Singapore-sourced income and on foreign-sourced income remitted into Singapore. Whether
More information3.2.2 Rates of stamp duty
Taxation (ii) authorises another person to take a conveyance of immovable property that is subject to the other instrument; except where a nomination is made, or a direction is given, in favour of a person
More informationTaxation of Environmental Protection Machinery (Relevant to AAT Examination Paper 5: Principles of Taxation) Dr. Dora Lee
Taxation of Environmental Protection Machinery (Relevant to AAT Examination Paper 5: Principles of Taxation) Dr. Dora Lee INTRODUCTION The Revenue Ordinance 2008 was gazetted on 27 June 2008 to give effect
More informationTHE TAXATION INSTITUTE OF HONG KONG CERTIFIED TAX ADVISER QUALIFYING EXAMINATION PAPER 1 HONG KONG TAX SUGGESTED ANSWERS.
THE TAXATION INSTITUTE OF HONG KONG CERTIFIED TAX ADVISER QUALIFYING EXAMINATION 2010 PAPER 1 HONG KONG TAX SUGGESTED ANSWERS Page 1 of 11 Question 1 Ignore provisional tax (a) ABC Limited Profits Tax
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS International Qualifying Scheme Examination HONG KONG TAXATION JUNE 2012 Suggested Answer The
More informationPaper F6 (HKG) Taxation (Hong Kong) Thursday 7 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (Hong Kong) Thursday 7 June 2018 F6 HKG ACCA Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions are
More informationFundamentals Level Skills Module, Paper F6 (HKG)
Answers Fundamentals Level Skills Module, Paper F6 (HKG) Taxation (Hong Kong) June 2017 Answers and Marking Scheme Cases are given in the answers for educational purposes. Unless specifically requested,
More informationSECTION A CASE QUESTIONS (Total: 50 marks)
SECTION A CASE QUESTIONS (Total: 50 marks) Answer ALL of the following compulsory questions. Marks will be awarded for logical argumentation and appropriate presentation of the answers. CASE Jubilee Or
More informationHong Kong Budget Summary
Hong Kong Budget Summary 2018-2019 Contacts Corporate Tax Advisory For enquiries relating to this publication or other tax matters, please contact any of the following KPMG tax professionals: Chris Abbiss
More informationSummary of Taxation in Hong Kong
Summary of Taxation in Hong Kong CONTENTS Preface... Overview of Hong Kong Taxation... Main Taxes... Profits Tax Salaries Tax Property Tax Stamp Duty Major Tax Issues... Holdover of Provisional Tax Illegally
More informationTHE TAXATION INSTITUTE OF HONG KONG CERTIFIED TAX ADVISER QUALIFYING EXAMINATION PAPER 2 HONG KONG TAX SUGGESTED ANSWERS.
THE TAXATION INSTITUTE OF HONG KONG CERTIFIED TAX ADVISER QUALIFYING EXAMINATION 204 PAPER 2 HONG KONG TAX SUGGESTED ANSWERS Page of 4 Answer (a) Dominance Trading Limited Profits Tax Assessment Year of
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS International Qualifying Scheme Examination HONG KONG TAXATION DECEMBER 2010 Suggested Answers
More informationHONG KONG. 1. Introduction. Contact Information Henry Fung Candice Ng
HONG KONG Contact Information Henry Fung +852 2969 4054 hernyfung@pkf-hk.com Candice Ng +852 2969 4016 candiceng@pkf-hk.com 1. Introduction 1.1. Legal context Currently, the Hong Kong Inland Revenue Ordinance
More informationMalta Budget 2013 summary We make things clearer
Deloitte Malta Tax update: 05/2012 Malta Budget 2013 summary We make things clearer The Minister of Finance, the Hon. Tonio Fenech, presented his 2013 Budget speech on 28 November 2012. This Tax Update
More information2018/19 Hong Kong Tax Facts and Figures
www.pwchk.com 2018/19 Hong Kong Tax Facts and Figures 2018/19 Hong Kong Tax Facts and Figures The information in this booklet is based on taxation laws and practices as of 28 February 2018 and incorporates
More informationProfessional Level Options Module, Paper P6 (HKG)
Answers Professional Level Options Module, Paper P6 (HKG) Advanced Taxation (Hong Kong) December 2010 Answers The suggested answers are of the nature of general comment only. They are not offered as advice
More informationPre-Budget Brief Singapore
Pre-Budget Brief 2019 Singapore Contents Economic indicators 1 Economic trends 2 Singapore tax rates a history 3 Co rporate tax Prevailing corporate income tax rates in selected jurisdictions 5 as at 1
More informationTaxation of Environment-Friendly Vehicles (Relevant to AAT Examination Paper 5: Principles of Taxation) Dr. Dora Lee. Introduction
Taxation of Environment-Friendly Vehicles (Relevant to AAT Examination Paper 5: Principles of Taxation) Dr. Dora Lee Introduction The Inland Revenue (Amendment) (No. 3) 2010 was gazetted on 18 June 2010
More informationHONG KONG BUDGET SUMMARY
TAX HONG KONG BUDGET SUMMARY 2014-2015 kpmg.com/cn 2014 - Challenges and Opportunities Five years after the global financial crisis, the world economy is showing signs of recovery albeit at a slower than
More informationPaper F6 (HKG) Taxation (Hong Kong) Monday 3 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (Hong Kong) Monday 3 December 2007 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Rates
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS International Qualifying Scheme Examination HONG KONG TAXATION MAY 2013 Time allowed 3 hours Section
More informationAsia Tax Bulletin. Spring 2018 MAYER BROWN JSM 1
Asia Tax Bulletin Spring 2018 Americas Asia Europe Middle East www.mayerbrownjsm.com MAYER BROWN JSM 1 This Edition We are pleased to present the spring 2018 edition of our firm s Asia Tax Bulletin and
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES. Suggested Answers
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES Suggested Answers Level : Professional Subject : Hong Kong Taxation Diet : December 2006 The suggested answers are published for the purpose of assisting
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS International Qualifying Scheme Examination HONG KONG TAXATION PILOT PAPER Time allowed 3 hours
More informationDECEMBER 2014 AND JUNE 2015 SUPPLEMENT. Qualification Programme. Module D Taxation
DECEMBER 2014 AND JUNE 2015 SUPPLEMENT Qualification Programme Module D Taxation Published by BPP Learning Media Ltd. The copyright in this publication is jointly owned by BPP Learning Media Ltd and HKICPA.
More informationFundamentals Level Skills Module, Paper F6 (HKG)
Answers Fundamentals Level Skills Module, Paper F6 (HKG) Taxation (Hong Kong) December 204 Answers and Marking Scheme Cases are given in the answers for educational purposes. Unless specifically requested,
More informationFOREWORD. Jersey. Services provided by member firms include:
2016/17 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are
More informationTAXATION AND FOREIGN EXCHANGE
TAXATION The following is a summary of certain PRC and Hong Kong tax consequences to investors purchased under the [REDACTED] and held as capital assets. This summary does not purport to address all material
More informationPaper P6 (MYS) Advanced Taxation (Malaysia) Monday 3 December Professional Level Options Module
Professional Level Options Module Advanced Taxation (Malaysia) Monday 3 December 2007 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A BOTH
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS International Qualifying Scheme Examination HONG KONG TAXATION DECEMBER 2012 Suggested Answer
More informationFundamentals Level Skills Module, Paper F6 (HKG)
Answers Fundamentals Level Skills Module, Paper F6 (HKG) Taxation (Hong Kong) December 2012 Answers and Marking Scheme Cases are given in the answers for educational purposes. Unless specifically requested,
More information稅務編號 TIN: 李大富. Please read and follow the Guide Book in completing this return. 李大富余美人 G/F 28 HEE LOK STREET, HK
If you have not registered for etax previously, your Taxpayer Identification Number (TIN) will be printed here. If you wish to open your etax Account, please login at www.gov.hk/etax to apply for the etax
More informationTAX NEWSLETTER MAY/JUNE
TAX NEWSLETTER MAY/JUNE 2014 www.dlapiper.com IN THIS ISSUE CHINA 05 SAFE RELEASED RULES REGARDING CROSS-BORDER SECURITY 05 DETERMINATION OF BENEFICIAL OWNER UNDER DOUBLE TAX TREATIES IN ENTRUSTED INVESTMENT
More informationFundamentals Level Skills Module, Paper F6 (HKG)
Answers Fundamentals Level Skills Module, Paper F6 (HKG) Taxation (Hong Kong) June 2011 Answers and Marking Scheme Cases are given in the answers for educational purposes. Unless specifically requested,
More informationINDUSTRY OVERVIEW. The global, PRC and Hong Kong economies are assumed to maintain a steady growth over the forecast period; and
Certain facts, statistics and data presented in this section and elsewhere in this document have been derived, in part, from government official publications that we believe to be reliable and appropriate
More informationTax Rates 2004/05. The Manor Haseley Business Centre Warwick CV35 7LS. Telephone: Facsimile:
Tax s The Manor Haseley Business Centre Warwick CV35 7LS Telephone: 0870 991 9000 Facsimile: 0870 991 9001 Email: admin@cpmgroup.co.uk www.cpmgroup.co.uk Band 0-2,0 2,021-31,0 Over 31,0 Personal allowance
More informationHong Kong Institute of Certified Public Accountants
Hong Kong Institute of Certified Public Accountants Budget Proposals 2008-2009 Summary of proposals I. THREATS A. Maintaining a low and simple tax regime: clarity, certainty and consistency 1. The Hong
More informationThe chargeability of the profits in question depends on whether the share in B Ltd. is a trading stock or a long-term investment.
SECTION A CASE QUESTIONS Answer 1(a) The chargeability of the profits in question depends on whether the share in B Ltd. is a trading stock or a long-term investment. In Simmons v IRC [1980] 1 WLR 1196,
More informationMultiple Choice Questions 100 Marks All questions are compulsory
Sample Questions PTITUE TEST Hong Kong Taxation.. Time llowed 1 hour 45 minutes Multiple hoice Questions 100 Marks ll questions are compulsory o not open this question paper until instructed by the supervisor.
More informationTax Analysis. 2018/19 Budget Analysis. A holistic budget with forward-looking vision. Tax Issue H80/ February 2018
Tax Issue H80/2018 28 February 2018 Tax Analysis 2018/19 Budget Analysis A holistic budget with forward-looking vision The Financial Secretary for the Hong Kong Special Administrative Region (HKSAR), Mr.
More informationThe HKICPA's Standard Setting Department welcomes your comments and feedback on this paper, which should be sent to
The Questions and Answers (Q&As) below were developed by the Financial Reporting Standards Committee ("FRSC") of the Hong Kong Institute of Certified Public Accountants (the HKICPA) and are for general
More informationMALTA BUDGET GENERAL OVERVIEW
MALTA BUDGET 2018 - GENERAL OVERVIEW INTRODUCTION In his Budget speech for 2018, Finance Minister Prof. Edward Scicluna provided a review of the key economic indicators for the current year: Total estimated
More informationHong Kong. wealth management update
Link to Article on website Hong Kong wealth management update There have been a number of recent legal and regulatory changes in Hong Kong that have impact from a wealth management perspective. BY: Pierre
More informationTax data card 2018/2019
Tax data card 2018/2019 1 Contents 1 Individuals and trusts 4 Companies 5 Capital allowances 6 Capital gains tax 7 Tax Administration Act penalties 8 Value-added tax 8 Other taxes, duties & levies 10 Exchange
More informationSECTION A CASE QUESTIONS. Answer 1
SECTION A CASE QUESTIONS Answer 1 Fantastic HK is not entitled to the deduction for prescribed fixed assets under s.16g(1) of the Inland Revenue Ordinance ( the IRO ) in respect of the Moulds as the Moulds
More informationADDITIONAL MEASURES TO ENSURE A STABLE AND SUSTAINABLE PROPERTY MARKET
JOINT PRESS RELEASE ADDITIONAL MEASURES TO ENSURE A STABLE AND SUSTAINABLE PROPERTY MARKET 1 The Government announced today a comprehensive package of measures to cool the residential property market.
More informationInternational Tax Kenya Highlights 2019
International Tax Updated February 2019 For the latest tax developments relating to Kenya, see Deloitte tax@hand. Investment basics: Currency Kenyan Shilling (KES) Foreign exchange control No, but banks
More informationMALTA BUDGET 2016 HOW DOES IT AFFECTYOU?
MALTA BUDGET 2016 HOW DOES IT AFFECTYOU? 12 October 2015 A summary by Deloitte Malta In his introduction to the 2016 Budget Speech, the Minister of Finance reviewed the Government s performance during
More informationTAX NEWSLETTER JANUARY/FEBRUARY
TAX NEWSLETTER JANUARY/FEBRUARY 2017 www.dlapiper.com IN THIS ISSUE CHINA 04. POSSIBLE EASIER APPROACH TO EXIT CHINA SIMPLIFIED DEREGISTRATION PROCESS 06. SHANGHAI ISSUES REVISED PROVISIONS ON ENCOURAGING
More informationSECTION A CASE QUESTIONS. Answer 1(a)
SECTION A CASE QUESTIONS Answer 1(a) Synergy may claim the bank interest income as exempt from profits tax under the Exemption from Profits Tax (Interest Income) Order 1998 ( the Order ) on the basis that
More informationHong Kong & Mainland China News Feb-2013
Hong Kong & Mainland China News Feb-2013 Company legislation gazetted Wednesday, January 30, 2013 The first batch of subsidiary legislation for the new Companies Ordinance's implementation will be gazetted
More information