Inland revenue department state name of business revenue tower, 5 gloucester road, wan chai, hong kong. Since the profits derived from the production activities in the mainland are not attributed to the hong kong enterprises, according to the territorial source principle, the inland revenue. Tracy ho is hong kong and macau tax managing partner. The tp ordinance, a milestone in the hong kong tax regime, is the first piece of local legislation to explicitly address transfer pricing tp matters. Near apple, lemon, 2, false means to find documents having apple within 2 words apart from lemon.
News flash hong kong tax in detail background of the ordinance accounting treatment under international and hong kong accounting standards fair value basis effective from 1 january 2018, hong kong financial reporting standard 9 hkfrs 9 the hong kong equivalent of ifrs 9 replaced the hong kong accounting standard 39 hkas 39. It is clear that it has a place of residence here in hong kong. Hong kong, china dispute resolution profile last updated. Mar 28, 2018 hong kong tax alert 2 conditions under which ofcs are tax exempt under the new law section 20ah of the inland revenue ordinance iro provides that where all the following conditions are satisfied, an ofc will be exempt from profits tax in hong kong in respect of certain specified types of income. Ideally, there should be some legislative revision to ensure hong kong remains.
Automatic exchange of financial account information aeoi. An employer is required under the inland revenue ordinance to notify the ird of the commencement of employment of an employee, the employees impending cessation of employment or his impending departure from hong kong. Fstb welcomes written comments from market participants and other stakeholders on or before 28 may 2012 through any. In other words, they comprise charities established in hong kong or hong kong establishment of overseas charities such as those deemed to be established in hong kong under section 4 of the societies ordinance or registered under part xi of. Proposed amendments to the inland revenue ordinance cap. The inland revenue amendment ordinance 2018 the amendment ordinance was gazetted on 2 february 2018. The 20022003 annual meeting between the hong kong society of accountants taxation committee and the commissioner of inland revenue was held on friday 17 january 2003 at the inland revenue department. Hong kong company under the companies ordinance cap. Proposed amendments to the inland revenue and stamp duty ordinances to facilitate development of an islamic finance market in hong kong 1 january 20 proposed amendments to the inland revenue and stamp duty ordinances to facilitate development of an islamic finance market in hong kong. In other words, they comprise charities established in hong kong or hong. The bill will be enacted as inland revenue amendment no. The stimulus package represents approximately 5% of hong kongs gross domestic product and covers a broad range of issues and sectors. The tax system is distinct from that applied in the peoples republic of china. Hong kong under sections 151b or ba of the inland revenue ordinance iro.
Following is a question by dr hon lam taifai and a written reply by the. Permanent establishments in hong kong recap of the tp ordinance the tp ordinance, a milestone in the hong kong tax regime, is the first piece of local legislation to explicitly address transfer pricing tp matters. Aircraft financing is an attractive business to hong kong global trend 2. Historical laws of hong kong online inland revenue. In addition, sums received by a nonresident from the sale or assignment of a performers economic right will also be deemed to be profits of the non resident.
Head 76 inland revenue department 5 to assist taxpayers in understanding their rights and fulfilling their obligations under the inland revenue ordinance, the department continued to make use of its website and a 24hour fax system to provide comprehensive. The inland revenue ordinance the ordinance itself does not contain a comprehensive definition of the term assessable profits. With the current laws of hong kong available on the web, the historical laws of hong kong online. Under section 525 of the inland revenue ordinance, chapter. As the meeting took place before the change of name to the institute, references. Hong kong indicated its commitment to implementing the beps package. Update about amendments to crs provisions hong kong. The hong kong government unveiled a new round of stimulus package of hkd7. Time limit for a section 70a application might not be as. Legislative council brief inland revenue ordinance chapter 112 inland revenue amendment no.
This alert discusses the comments made by hong kongs inland revenue department ird at its 2015 annual meeting with the hong kong institute of certified public accountants annual meeting on the application of antiavoidance provisions against the transfer of tax losses in a courtfree amalgamation, the interpretation of the deductibility of bank loans as bad debts and. The inland revenue ordinance is one of hong kong s ordinances. Cooperation and development and the inland revenue department in hong kong have both issued specific guidelines on the handling of the issue of. The tp ordinance codifies the arms length principle of tp into the inland revenue ordinance through two rules and documentation requirements. The historical laws of hong kong online is a fulltext image database providing access to past revised editions of hong kong laws. The commissioner of inland revenue and several other government officials are invited to attend meetings of the jlct as participating observers. The department also continued with its efforts to strive for the expansion of hong kong. Tax exemption is only given to charities subject to the jurisdiction of the hong kong courts. Inland revenue department stamp office 3f, revenue tower, 5 gloucester road, wan chai, hong kong. The ordinance provides the legal framework for hong kong to implement multilateral tax arrangements under the amended inland revenue ordinance iro, thereby allowing more effective implementation of the arrangements relating to aeoi as well as automatic exchange of countrybycountry reports i. The inland revenue ordinance chapter 112 iro provides for the levying of three separate direct taxes for a year of assessment.
The technical amendments on automatic exchange of financial account information in tax matters i. The commissioner of inland revenue, who also holds the statutory. Under section 70a of the inland revenue ordinance, a taxpayer can apply to correct. Sukuk market in hong kong consultation paper financial services and the treasury bureau. There are a number of considerations that would need to be taken into consideration in determining whether a loss is impaired and thus tax deductible. To help protect the environment, please opt for receiving electronic notice to file tax return by clicking the link of selecting electronic notices on the right hand side, if you have not yet done so. The tp ordinance codifies the arms length principle of tp into the inland revenue ordinance through two. Tax exemption by the hong kong inland revenue department. Under section 81 of the inland revenue ordinance the ordinance, income arising in or derived from hong kong from various specified sources is chargeable to salaries tax. The new beps and transfer pricing law passed in hong kong.
One of those sources, being the one specified in item a of that subsection, is any office or employment of profit. Expenses generally are deductible to the extent they are. Apr 12, 2018 hong kong under sections 151b or ba of the inland revenue ordinance iro. On the other hand, the inland revenue department ird will not accept any applications for registration of. Apple is good means to find documents having the exact phrase apple is good. Thus, pursuant to the bill, hong kong may now enter into what is commonly. Inland revenue ordinance chapter 112 inland revenue amendment no.
Tax returnindividuals for 201920 will be issued on 4 may. Inland revenue department interpretations of hong kongs. Automatic exchange of financial account information in tax. Markets tax committee and the federation of hong kong industries. Hong kong recently passed the inland revenue amendment bill 20 the bill on july 10, 20. In this ordinance, unless the context otherwise requires. An ordinance to amend the inland revenue ordinance to align tax treatment of financial. Inland revenue ordinance wednesday, december 8, 2010.
Update about amendments to crs provisions the inland revenue department announced that inland revenue amendment no. It provides free online access to current and past versions of consolidated legislation dating back to 30 june 1997 and pdf copies marked verified copy have official legal status. In attendance hong kong society of accountants the society mr paul chan chairman, taxation committee. Proposed amendments to the inland revenue and stamp duty. Also participating in the jlcts meetings are the hong kong association of banks, the capital markets tax committee and the federation of hong kong industries. Introduction the hong kong government has taken a major. The inland revenue ordinance is one of hong kongs ordinances. Donors may claim up to 35% of total assessable income or pro. A brief guide to taxes administered by the inland revenue. In attendance hong kong society of accountants the society mr tim lui chairman, taxation committee. Hong kong elegislation hkel is the official database of hong kong legislation.
The taxable profits of these hong kong enterprises in hong kong are derived from their trading transactions. Inland revenue ordinance gazette number version date long title. Historical laws of hong kong online inland revenue ordinance. The 200304 annual meeting between the hong kong society of accountants taxation committee and the commissioner of inland revenue was held on wednesday 14 january 2004 at the inland revenue department.
The inland revenue department and the hong kong society of accountants 2003 preamble. With the current laws of hong kong available on the web, the historical laws of hong kong online database rightly. The database comprises a total of seven consolidations of the laws of hong kong. To deliver the commitment, hong kong commenced the first exchanges in september 2018. Rule 5 amended profits of hong kong branch offices of person other than. Civil aviation is a longterm growth business, with global aviation. If you want to match the order of words, specify near apple, lemon, 2, true a percent sign % can be used to match zero or more characters. Election to adopt fair value accounting for financial. The inland revenue department ird of hong kong government is one of hong kong government departments which is responsible for the administration of the following hong kong ordinances on taxes and duties and the related rules and regulations. Please note that system update has been scheduled to take place daily from 3.
408 853 1165 811 1592 1289 74 100 168 829 19 929 232 1047 979 616 1133 73 76 1489 1125 315 1052 441 87 883 252 293 1182 784 99 719 418 1301 937 1135 734 1158 721 740 678 408