US tax snoops zero in on Hong Kong? Let’s be realistic.
Nick Westra’s article in this week’s Sunday Morning Post (September 27th, 2009) must have pleased the IRS. If anything is going to raise concern amongst US citizens living in Hong Kong it is exactly...
View ArticleWhy Reduce The Tax Rate?
I read with interest that the Hong Kong General Chamber of Commerce believes that it is essential to reduce the rate of profits tax, the tax on business profits, to 15% in order to enhance Hong Kong’s...
View ArticleMisled By The Inland Revenue Department?
When I arrived in Hong Kong in the early 1980’s obtaining a copy of the Inland Revenue Department’s Assessor’s Manual was considered essential, but extremely difficult to acquire. Gradually the...
View ArticleWhy an Audit?
One of the more frustrating aspects of Hong Kong company law is that all Hong Kong-incorporated companies require an audit, irrespective of the value of the company’s turnover, the number and nature of...
View ArticleLocality of Profits
In December 2009, the Inland Revenue Department published the revised Departmental Interpretation and Practice Note No.21 (Revised) – “Locality of Profits”. The determination of the location of a...
View ArticleBudget Mania
It is that time of year when people, typically tax partners of the larger accounting firms, attempt to predict the Hong Kong Government’s budget surplus/deficit for the current year. This is often...
View ArticleHong Kong Budget – Further Considerations
The budget proposals issued by the Hong Kong Institute of Certified Public Accountants, The Hong Kong General Chamber of Commerce, The British Chamber of Commerce in Hong Kong and The Taxation...
View ArticleIs The Government Listening?
Before the Financial Secretary issued the 2010/2011 budget on February 24, 2010, he had asked the business community, as well as other interested parties, to submit their “budget wish list” to him....
View ArticleHong Kong Concludes Two More CDTAs
The Inland Revenue Department signed comprehensive double taxation agreements with Hungary and Kuwait on May 13, 2010. This takes to 10 the number of comprehensive double taxation agreements that Hong...
View ArticleOffshore Manufacturing Profits – The Commissioner smiles, but for how long?
The Hon Fok J upheld the appeal by the Commissioner of Inland Revenue (“the Commissioner”) to the Court of First Instance in the case of Commissioner of Inland Revenue v CG Lighting Limited...
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