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Kalec Tang
Director, Restructuring & Insolvency - Hong Kong, Hong Kong
Issac Tang
Director, Restructuring & Insolvency - Hong Kong, Hong Kong
Gilles-Alexandre Salansy
Head of Outsourcing Services - Hong Kong, Hong Kong
Anson Li
Partner, Head of Restructuring & Insolvency - Hong Kong, Hong Kong
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Oct 2010 - HK Tax Newsletter 06
France, Hong Kong signed the long-awaited Comprehensive Double Taxation Agreement
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July 2010 - Hong Kong Taxtechnical update
An Update on Yue Yuen Marketing Co Ltd & Ors v CIR
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Mar 2010 - 3 new Comprehensive Double Taxation Agreements
Hong Kong has just signed three CDTAs with Brunei, the Netherlands and Indonesia on 20, 22 and 23 March 2010 respectively.
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HK Budget Special Report - 2010/2011
On 24 February 2010, the Financial Secretary, Mr. John Tsang Chun-wah, delivered his third budget speech of the current term for the Government for the 2010/11 fiscal year.
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2010-2011 Hong Kong Tax Newsletters
You will find here all the Hong Kong Tax newsletters released in 2010 and 2011.
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May 2015 - Comprehensive Double Taxation Agreements with South Africa and United Arab Emirates
BACKGROUND On 15 May 2015, 2 orders made by the Chief Executive were gazetted to implement the Comprehensive Agreements for the Avoidance of Double Taxation (“CDTAs”) with South Africa and the United Arab Emirates (“UAE”) that were signed in October 2014 and November 2014 respectively. The CDTAs will enter into force after both Hong Kong and the treaty partners have completed their ratification procedures.
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April 2015 - Hong Kong proposes to extend offshore funds tax exemption to private equity
Hong Kong is a major international financial centre (“IFC”). Financial service industry is one of the four pillar industries which have been a driving force of Hong Kong’s economic growth for years. Fund and asset management business is an important component and a fast- growing area in financial service industry.
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March 2015 - Court of final appeal ruled that taxpayer's right should be protected under the six-year limitation
In December 2014, the Court of Final Appeal (“CFA”) handed down its judgment in Aviation Fuel Supply Company (“AFSC”) v. the Commissioner of Inland Revenue (“CIR”), upholding the decision of the Court of Appeal (“CoA”) in rejecting the CIR’s contention that balancing charge should be imposed on AFSC.
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Hong Kong Budget 2014 / 2015
The Financial Secretary, Mr. John Tsang delivered his 2014-2015 budget speech for the government on 26 February 2014. The theme of this year’s budget is “Competiveness”.
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Hong Kong Budget 2014 / 2015
The Financial Secretary, Mr. John Tsang delivered his 2014-2015 budget speech for the government on 26 February 2014. The theme of this year’s budget is “Competiveness”.
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October 2014 - Automatic exchange of financial account information in tax matters
The Organization for Economic Co-operation and Development (“OECD”) took an important step towards greater transparency by releasing a full version of a new global standard for exchange of information between jurisdictions: Standard for Automatic Exchange of Financial Account Information in Tax Matters* (“the New Standard”) on 21 July 2014.
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September 2014 -Tax information exchange agreements between Hong Kong and 6 Nordic countries
On 22 August 2014, Hong Kong signed Tax Information Exchange Agreements (“TIEAs”) with six Nordic jurisdictions, namely Denmark, The Faroes, Greenland, Iceland, Norway and Sweden. As of today, Hong Kong has now signed seven TIEAs, including the first one with the United States.
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November 2014 - Shanghai-Hong Kong Stock Connect Programme
Shanghai-Hong Kong Stock Connect Programme (“the Programme”) announced in April 2014 has finally been launched on 17 November 2014.
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June 2014 - Court of First Instance ruled on taxpayer’s rights to correct errors
On 28 March 2014, the Court of First Instance (“the CFI”) handed down its judgment in Good Mark Industrial Limited (“Good Mark”) v the Commissioner of Inland Revenue (“the CIR”).
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July 2014 - Comprehensive taxation agreement with Korea
Hong Kong concluded its 30th comprehensive double taxation agreement (“CDTA”) by signing with Korea on 8 July 2014.
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Dec. 2013 - Latest view of the Inland Revenue Department on waiver of debt
The Hong Kong Institute of Certified Public Accountants (HKICPA) holds annual meetings with the Inland Revenue Department (“IRD”) to exchange views to clarify interpretation of practical tax issues which are of interests to taxpayers.
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Nov. 2013 - Holding over of 2013/14 provisional tax
For taxpayers having financial difficulties due to fall in earnings, other than having the tax paid by instalments or making borrowings, it may also be a solution to have the 2013/14 provisional tax wholly or partly held over.
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Nov. 2013 (special issue) - Nice Cheer!
The Court of Final Appeal (“CFA”) handed down its judgment in Nice Cheer Investment Limited (“Nice Cheer”) v Commissioner of Inland Revenue (“CIR”) on 12 November 2013, confirming the lower courts’ decision that unrealised gains in respect of Hong Kong listed securities being held for trading were not “profits” chargeable to tax in Hong Kong.
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Oct. 2013 - Case study: Section 82 of the Inland Revenue Ordinance
The Government has issued a press release concerning a case under Section 82 of the Inland Revenue Ordinance (“IRO”). A former Senior System Engineer of a bank was convicted on four charges of evading property tax and salaries tax by omitting to report rental income and making false statements in connection with claims for deduction of home loan interest.
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Aug. 2013 - Late filing consequences for overdue tax profits
Under the 2012/13 block extension scheme, the extended due date for filing the 2012/2013 profits tax return for corporations and partnership businesses with accounting year end dates falling within 1 to 31 December 2012 was 15 August 2013, which has just lapsed. If you have missed this deadline, what may be the consequences?
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Jun. 2013 - Application for certification of resident status
Hong Kong has concluded twenty-nine Comprehensive Double Taxation Agreements ("CDTAs") as of the date of this newsletter, with another ten CDTAs being under negotiation with the respective countries / territories.
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May 2013 - Exchange of information regime: further developments in Hong Kong
In the April 2012 issue of Mazars Hong Kong tax news, we reported that the Global Forum on Transparency and Exchange of Information for Tax Purposes (“The Global Forum”) of the Organization for Economic Co-operation and Development had completed Phase 1 of Hong Kong’s Peer Review on the implementation of international standard on Exchange of Information (“EoI”) (report published in October 2011).
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Apr. 2013 - Inland Revenue Department has issued tax returns for 2012/2013
The tax filing season for the year of assessment 2012/2013 (i.e. for the fiscal year ended 31 March 2013) has commenced.
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Mar. 2013 - Court of Appeal disallows deduction for moulds used by a hangers supplier in China
The Court of Appeal (“CoA”) handed down its decision on Braitrim (Far East) Limited (“BFEL”), upholding the decision of the Board of Review that the provision of moulds by BFEL to its contract manufacturers in China constituted a lease arrangement.
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Feb. 2013 - Comprehensive taxation agreements with Canada and Italy
Hong Kong has signed two comprehensive double taxation agreements (“CDTAs”) with Canada and Italy on 11 November 2012 and 14 January 2013. They are the 26th and 27th CDTAs concluded by Hong Kong.