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Tagged: Tax

Hong Kong - Asia's business centre

Tax Standards of Hong Kong under Review

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The Financial Services and the Treasury Bureau in Hong Kong is discussing the latest standard published by the Organisation for Economic Cooperation and Development (OECD) on automatic exchange of financial account information in tax matters. Standard according to OECD: According to the new standard by the OECD, jurisdictions are required to collect from financial institutions […]

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Hong Kong - Asia's business centre

Hong Kong Government to offer tax break

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Tax breaks will form the core of a government plan to cut spending from the swelling public hospitals budget and shift the burden to the private sector. Government spending on the Hospital Authority has increased 63 per cent to HK$44.4 billion in the 2013/14 financial year from HK$27.2 billion in 2006/07. Higher expenditure are being […]

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China Business

China VAT update – nationwide implementation

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In a joint circular from the Ministry of Finance (MoF) and State Administration of Tax (SAT) in their Cai Shui No 37 (circular 37) dated May 24th, 2013 on the nationwide VAT implementation of VAT Pilot program on Transportation & Modern Services Sectors, the related VAT 6% & 11% Tax policy will expanded to nationwide […]

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Hong Kong - Asia's business centre

Tax Agreements with Italy, Guernsey & Qatar

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The agreements of avoidance of double taxation with Italy, Guernsey and Qatar were gazetted and ensure that investors do not pay tax twice on a single source of income, bringing businesses more certainty regarding tax liabilities. Hong Kong signed the agreements with Italy in January, with Guernsey in April, and with Qatar in May.

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Hong Kong & Italy Tax Agreement

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An agreement between Hong Kong and Italy for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on behalf of the Hong Kong Special Administrative Region Government was signed. This is the 27th comprehensive agreement for the avoidance of double taxation (CDTA) concluded by Hong Kong with […]

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Hong Kong & Mexico Tax Agreement

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An agreement which was signed in June last year between Hong Kong and Mexico for the avoidance of double taxation and the prevention of income tax evasion is now in effect. It will be effective in Hong Kong for any year of assessment beginning on or after April 1, 2014.

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Hong Kong and Canada signed Double Taxation Agreement

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Hong Kong and Canada have signed an Double Taxation Agreement (DTA). There are more than 16,500 Canadians in the city while 500,000 people of Hong Kong reside in Canada. The Double Taxation Agreement provides an added incentive for firms in Canada to invest in Hong Kong, and vice versa. The Chief Executive-in-Council will make an order […]

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Hong Kong Double Taxation Agreements

Hong Kong Double Taxation Agreements

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Double taxation arises when two or more tax jurisdictions overlap, such that the same item of income or profit is subject to tax in each. Hong Kong adopts the territoriality basis of taxation. That means only income / profit sourced in Hong Kong is subject to tax and that derived from a source outside Hong […]

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H.K. Imposes Property Tax on Non-Locals

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Hong Kong’s government announced its first property tax targeted at overseas buyers. Non-local and corporate buyers will have to pay a 15 percent tax upon purchase. The government also raised a resale tax on property by about 5 percentage points and extended the period during which it will apply to three years from two. Record low mortgage […]

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Taxation arrangement between China and Hong Kong

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Information in this part aims to highlight some taxation  issues affecting Hong Kong residents who are employed both in Hong Kong and in the Mainland. On 11 February 1998 , Hong Kong and China signed the “Arrangement between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation […]

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